Svmuu News: A new provision in the CLARITY Act, currently under consideration by the U.S. Senate, proposes to prohibit the president and other federal officials from issuing or promoting cryptocurrencies and other digital assets.
According to reports, Republican senators updated the bill’s text on Wednesday. The bill is regarded as the first major piece of legislation in the U.S. to comprehensively regulate the digital asset market. This update includes provisions—for the first time—restricting federal officials, including the president, from profiting through cryptocurrency assets.
At present, the specific implementation details and scope of application for this provision have not yet been announced. (CNBC)