A text released by Republican senators in the U.S. Senate on Sunday evening shows that Trump has agreed, under certain circumstances, to allow attorneys general of each state to sue the U.S. Department of Justice and crypto exchanges for violations of the CLARITY Act. This adjustment comes on the eve of a Senate vote, indicating that both parties are still negotiating regarding crypto regulatory provisions.
The Republican Party releases the latest text.
This text was released by Senate Republicans. The report cites relevant content stating that if Trump himself or a future president violates the restrictions in the CLARITY Act, state-level prosecutors will be able to file lawsuits.
The report also mentioned that a Republican assistant referred to this version as the “last, best, and final proposal” made to the Democrats before the voting on Tuesday. According to this assistant, the text roughly incorporated about 80% of the content of the Tillis-Gallego moral proposal.
The defendants in the lawsuit include the Ministry of Justice and exchanges.
According to the disclosed information, the objects that the state attorney general can prosecute include not only the United States Department of Justice but also cryptocurrency exchanges. This means that if such restrictions are deemed to have been violated, state-level law enforcement authorities may directly intervene alongside federal departments and industry organizations.
The focus of this arrangement is to add new external constraints to the enforcement of the CLARITY Act. For the crypto industry, once the act is passed, subsequent law enforcement responsibilities and compliance pressures may further shift to the state level.
Trump still has the option to choose how to handle it.
The text also retains Trump's options for disposing of his financial interests related to encryption. He can still choose to sell the relevant assets or place these interests in a blind trust.
This means that the new proposal does not require an immediate divestment of related interests, but rather includes arrangements that allow the state attorney general to hold accountable those involved, while retaining flexibility in handling such matters. As the Senate approaches a vote, whether these provisions are sufficient to gain the support of Democrats remains a focal point of market attention.
