Senate Republicans have released an updated 635-page proposal for the CLARITY Act, framing the text as their final offer to Democrats prior to a pivotal procedural vote scheduled for Tuesday at 2:15 p.m. ET. Led by Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis alongside Committee Chairmen John Boozman and Tim Scott, the revised draft caps more than a year of daily bipartisan negotiations and incorporates 126 changes requested by Democratic lawmakers.
The upcoming cloture vote will determine whether the comprehensive digital asset market structure bill can secure the 60 votes required to advance to full floor consideration.
Ethics Provisions and Structural Regulatory Changes
A central element of the revised proposal is an expanded ethics framework that Senator Lummis confirmed received agreement from US President Donald Trump. The provisions hold federally elected officials, judges, and their spouses to strict conflicts-of-interest standards, requiring covered individuals to divest significant digital asset holdings or transfer them into qualified blind trusts.
To address longstanding Democratic concerns regarding enforcement, the final text empowers state attorneys general alongside the Department of Justice to enforce bans against officials issuing, sponsoring, or holding major financial interests in digital assets. Penalties for violations are set at $500,000 or 20% of the prohibited transaction value, taking effect within 360 days of enactment.
The legislation also introduces targeted adjustments to stablecoin oversight and software developer protections. To prevent potential deposit flight from regional and community banks, the bill grants the Treasury Secretary temporary 18-month authority to restrict stablecoin yield and reward programs if substantial capital movement occurs. Furthermore, amendments to the Blockchain Regulatory Certainty Act explicitly shield open-source software developers, miners, and network validators from being classified or regulated as money transmitters under the Bank Secrecy Act. Following the release of the compromised text, prediction market odds for the bill’s passage reached multi-month highs.
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