Senate Republicans have released what they describe as the final version of the Digital Asset Market Clarity Act, setting the stage for a crucial procedural vote on September 15.
Sens. Cynthia Lummis, John Boozman and Tim Scott published the updated legislation late Sunday, saying it incorporates 126 substantive changes requested by Democrats during months of negotiations.
If senators vote to invoke cloture on Tuesday, the new text would be introduced as a substitute amendment. The procedural vote requires 60 senators, making Democratic support essential because Republicans currently control 53 seats.
The legislation aims to establish a comprehensive U.S. digital asset market structure, including clearer regulatory responsibilities and rules for cryptocurrency businesses.
Trump Accepts Most Ethics Restrictions
One of the biggest developments involves the bill's ethics provisions, which had become a major obstacle to bipartisan support.
Republicans said the latest version incorporates most of the Tillis-Gallego ethics proposal, including allowing state attorneys general to help enforce conflict-of-interest restrictions involving public officials.
President Donald Trump has reportedly accepted most of the proposed restrictions. Trump and his family have faced political scrutiny over their involvement with crypto ventures, including World Liberty Financial, the USD1 stablecoin and the TRUMP memecoin.
Trump's financial disclosure reported more than $1.4 billion in crypto-related income during 2025, intensifying questions about potential conflicts as his administration shapes digital asset regulation.
The provisions cover the President, Vice President, members of Congress, public officials, government employees and their spouses, but do not explicitly extend the same restrictions to other relatives, including children.
Stablecoin Rewards Get Emergency Brake
The revised Clarity Act also attempts to address the continuing battle between banks and crypto companies over stablecoin rewards.
Under the draft, the Treasury secretary could temporarily activate a stablecoin rewards circuit breaker if payment stablecoins cause substantial deposit withdrawals from community banks. That authority would remain available for 18 months after the legislation takes effect.
The bill would restrict platforms from paying interest simply for holding idle stablecoins, while still permitting certain rewards connected to stablecoin usage.
Banking groups continue to argue that the language does not go far enough. They fear stablecoin rewards could encourage customers to move deposits away from traditional banks and into digital dollar products.
The American Bankers Association has criticized the current language as unclear and potentially contradictory, warning that it could generate legal disputes and additional regulatory uncertainty.
Draft Adds More Crypto Industry Protections
Several other provisions have also been modified in the final draft.
The legislation would amend the Blockchain Regulatory Certainty Act to narrow money-transmission registration requirements for certain software developers while introducing a civil safe harbor.
It also adds Agriculture Committee guardrails covering affiliate trading and conflicts of interest, while providing additional clarification about when state-level consumer protection laws apply.
White House digital assets adviser Patrick Witt urged lawmakers to advance the legislation following more than a year of negotiations.
Despite the latest compromises, the bill still faces a difficult legislative path.
September 15 Vote Becomes Critical Test
The first major hurdle comes with the September 15 cloture vote. Assuming all 53 Republican senators support the measure, at least seven Democrats or independents would still need to vote in favor for debate to begin.
Even successful cloture would not mean the Clarity Act becomes law immediately. Senators could still introduce amendments before a final vote, and the House would then need to consider the Senate's revised version.
Time is becoming increasingly limited. The Senate's tentative calendar includes a state work period beginning October 5 ahead of the November 3 midterm elections, while the House has canceled sessions during the weeks of September 21 and September 28.
Lummis has warned that failure to pass market structure legislation during the current Congress could push another serious attempt as far as 2030, potentially delaying investment, jobs and tax revenue associated with the crypto sector.
Prediction markets became slightly more optimistic following publication of the final text. Polymarket odds of the Clarity Act passing in 2026 reportedly increased from roughly 22% to 32%.
With Trump accepting most ethics restrictions and Republicans incorporating more than 100 Democratic changes, September 15 could become the defining test for the Clarity Act's future.
