Senate Republicans' new crypto bill text adds new ethics language

U.S. Senate Republicans released a revised draft of major cryptocurrency legislation on Monday that includes new ethics language approved by President Donald Trump, senators said in a statement.Here are the details:The final text of the Clarity Act includes new ethics language which reflects conflict of interest rules put forth by Senators Thom Tillis, a Republican, and Democrat Ruben Gallego, according to the statement from Senators Cynthia Lummis, John Boozman and Tim Scott."President Trump voluntarily agreed to unprecedented ethics restrictions, holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in U.S. history," Lummis said.The crypto ​industry has spent hundreds of millions of dollars campaigning to advance the Clarity Act, which it says will put crypto companies on a solid legal footing. The Senate scheduled a procedural vote ‌on Tuesday that could determine the fate of the bill.The new draft protects consumers with new guardrails on affiliate trading, clarifies the applicability of state consumer protection laws and protects software developers, the Republican senators said.Democrats and some Republicans had previously warned that the bill has insufficient safeguards and could destabilize the banking system. The crypto industry and the banking sector mounted a final lobbying blitz in senators' home states ahead of a vote on the bill next week.