Senate Republicans released fresh text for the Digital Asset Market CLARITY Act on Wednesday, and for the first time, it draws a hard line on who in government can profit from digital assets. The lead sponsor, Wyoming Senator Cynthia Lummis, handed the new language to CNBC, which reported that it carries the first limits on how presidents may profit from crypto. The bill still doesn’t have the Democratic votes it needs, and the fight is now about who gets to police the rules.

What the New Ethics Rules Actually Say

The revised draft bars the President, Vice President, members of Congress, federal judges, and their spouses from issuing or sponsoring digital assets for pay while they hold office. This restriction includes a sunset date of…