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NEW: Senate Republicans have released updated crypto CLARITY Act text - 5 major revisions - Here’s what’s inside: 1. New crypto ethics rules The President, Vice President, members of Congress, federal judges, other covered officials and their spouses would be banned from issuing or promoting digital assets for compensation while in office. They would also have to sell their crypto investments, place them in a blind trust they do not control, or both. Crypto sales above $1,000 must be disclosed. The DOJ could pursue civil violations, including against exchanges that knowingly list prohibited tokens. These rules would expire January 20, 2029. However, Democrats have not approved this section and oppose giving the DOJ enforcement power without including state attorneys general. More negotiations are expected. 2. Protections for crypto developers Non-custodial software developers and blockchain infrastructure providers would not automatically be treated as money transmitters simply for building decentralized technology. However, anyone who knowingly helps facilitate illegal transactions can still face criminal liability. The bill also protects Americans’ right to self-custody their crypto. 3. Stablecoin rewards Companies could not pay passive interest on unused payment stablecoin balances. Rewards tied to actual activity, including transactions or staking, would still be allowed, as long as they do not function like interest on a bank deposit. 4. Stronger crypto crime enforcement The bill provides more funding, blockchain analytics tools and training for state and local law enforcement. It also creates a cyber center focused on threats from countries like North Korea and Iran, plus a public-private task force to combat crypto fraud. Stablecoin issuers would have to follow lawful orders to freeze, seize, burn or reissue tokens. 5. Bankruptcy protections If an exchange or custodian fails, customer crypto would remain the property of the customer instead of becoming part of the company’s bankruptcy estate. Bottom line: The updated CLARITY Act protects developers and self-custody while adding stricter rules for politicians, stablecoins, law enforcement and exchanges. The bill is progressing, but the ethics package still needs bipartisan agreement.