US Senate Republicans on Wednesday unveiled the text of a long-awaited, landmark bill that would create a regulatory framework for cryptocurrencies, as negotiations on the legislation come down to the wire before Congress departs for August recess.

Dubbed the Clarity Act, the bill aims to clarify financial regulators’ jurisdiction over the burgeoning sector, potentially boosting the adoption of digital assets. Here are six key provisions:

ETHICS

The bill would ban certain political officials — including the president, vice president and some members of Congress — from issuing or sponsoring a digital asset, until January 2029. Key Senate Democrats have conditioned their support for the bill on a strong ethics provision that would address…