The Senate Republican Party officially released the updated version of the CLARITY Act today, which is worth paying attention to. Among them, the Ethics clause is the biggest highlight: Prohibit the President, Vice President, members of Congress, federal judges, and covered federal officials (including their spouses) from issuing or sponsoring digital assets for compensation during their term of office; The relevant restrictions include a sunset clause, which is valid until noon on January 20, 2029; Relevant officials must sell their holdings of cryptocurrency assets or place them in blind trusts; Empower the Ministry of Justice with civil enforcement powers, including the ability to file lawsuits against exchanges that launch banned tokens. It should be pointed out that this ethical clause has not yet been signed and approved by the Democratic Party. From the clause design, it can be seen that this is a "conditional concession": Previously, relevant personnel could profit from issuing coins, but in the future, they will be restricted during their tenure and will be discussed after leaving office; Existing positions need to be sold or transferred to blind trusts. The market will consider this to have a certain impact on Meme tokens and other related assets associated with relevant personnel. Some issues with ethical clauses in the new text: Prohibiting the issuance of coins for profit during the term of office and forcing the disposal of positions, which has made significant progress compared to the previous stance of "completely avoiding"; However, the sunset clause (until January 20, 2029) is crucial, as the restrictions mainly cover the current presidential term and automatically expire upon expiration. The Democratic Party may believe that this concession is still insufficient, The main reasons include: • Set clear sunset deadlines; The enforcement power is entrusted to the Ministry of Justice (whose head is appointed by the President); The Democratic Party failed to deeply participate in the negotiations. Therefore, although the text has been published, further negotiations are needed to determine whether the Democratic Party accepts it. In terms of other important terms: The BRCA (Blockchain Regulatory Certainty Act) and regulations related to stablecoin returns remain largely unchanged. The protection of non hosted developers and self hosted rights is an important benefit for non hosted developers and infrastructure providers, reducing the legal risks that may be faced by simply writing code; Prohibiting interest payments on idle payment type stablecoin balances is objectively more advantageous for traditional banks and is likely a result of concessions. Overall, The new text is relatively industry friendly while attempting to address the ethical concerns of the Democratic Party. At present, the text has not been signed by the Democratic Party, so it is still the latest proposal put forward by the Republican Party, rather than a formal agreement text between the two parties. The Senate requires a threshold of 60 votes to pass. If the Republican Party is basically united internally, it still needs to win the support of about 7 Democratic Party members. The current time window is extremely tight (the recess period is about to begin in early August). If the Democratic Party fails to express acceptance or propose negotiable amendments as soon as possible, the possibility of arranging a vote next week will decrease. At present, the outlook is not optimistic. The probability of the Clarity Act passing this year on PolyMarket has decreased from 49% to around 39%. Summary in one sentence: This is currently the closest version to 'voted on'. The core protection clauses of the industry are basically in place, and there are substantial concessions in ethical clauses. However, there is still room for improvement in sunset design and enforcement structure. The biggest uncertainty has shifted from 'with or without text' to 'whether the Democratic Party can accept this ethical clause design'. The feedback from the Democratic Party in the coming days will be a real key observation point.