Woofun AI reports that U.S. Senate Republicans released a 616-page draft of the Clarity Act on Wednesday, marking a significant step in regulating the digital asset industry. The crypto sector broadly welcomed the proposal, citing retained protections for software developers and anticipated regulatory clarity. Ji Hun Kim, CEO of the Crypto Council for Innovation, emphasized that bipartisan support is "critical" for passage. Miller Whitehouse-Levine, CEO of the Solana Policy Institute, urged Congress to act, while Coinbase CEO Brian Armstrong noted that previous regulatory gaps allowed entities like FTX to harm consumers and drove business overseas.

Conversely, several Senate Democrats opposed the draft, arguing its ethics provisions regarding conflicts of interest related to Trump's crypto assets are insufficient. Senator Angela Alsobrooks stated the proposal is "not enough," asserting that sections on elected officials' ethics, consumer protection, illicit finance, conflicts of interest, and market integrity require strengthening.