- The final draft includes 126 substantive Democratic-requested changes, including new crypto ethics requirements for covered officials.
- Stablecoin rewards could face temporary restrictions if community banks experience substantial deposit losses under the revised bill.
- Republicans hold 53 Senate seats, requiring at least seven Democrats or independents to support cloture if all Republicans vote yes.
Senate Republicans released revised CLARITY Act text Sunday, Sept. 13, ahead of Tuesday’s cloture vote. The 635-page proposal includes changes to ethics rules, stablecoin rewards, developer protections, and digital commodity trading. Sens. Cynthia Lummis, John Boozman, and Tim Scott described the draft as their final offer to Democrats.
Trump Ethics Deal Adds New Requirements
The revised text reflects 126 substantive changes requested by Democrats, according to Lummis. President Donald Trump agreed to most of the Tillis-Gallego ethics proposal, a Republican aide said.
The rules would cover the president, vice president, members of Congress, federal officials, judges, employees, and their spouses. Covered individuals would need to divest substantial crypto-related interests or place them in a qualified blind trust.
State attorneys general could enforce restrictions on prohibited digital asset activity. Violations would carry civil penalties of $500,000 or 20% of the transaction amount, whichever is greater.
However, the text does not extend the listed restrictions to other relatives, including officials’ children. The ethics rules would take effect 360 days after enactment, or sooner after final regulations.
Stablecoin Yield and BRCA Rules Narrowed
The bill would allow Treasury Secretary Scott Bessent to restrict stablecoin rewards if community banks lose deposits on a substantial scale. The authority would expire 18 months after enactment.
The draft also narrows the Blockchain Regulatory Certainty Act to Bank Secrecy Act and civil enforcement protections. It removes references to Section 1960 criminal prosecutions while extending certain protections to miners and validators.
Meanwhile, new safeguards address affiliate trading and conflicts involving digital commodity exchanges, brokers, and dealers. The text also confirms that state consumer protection laws remain applicable.
The Senate scheduled the cloture vote for Tuesday, Sept. 15, at 2:15 p.m. ET. Republicans hold 53 seats, meaning at least seven Democrats or independents must join them if all Republicans vote yes. Cloture would begin debate, while amendments, final passage, and House action would remain pending.
