The Republican Party in the United States submits the "final" CLARITY Act proposal to the Democrat

U.S. Senate Republicans release revised text of CLARITY bill, key procedural vote is about to be held

On the eve of the U.S. Senate procedural vote scheduled for Tuesday, Republicans released revised text of the CLARITY Act. This vote will determine whether the bill can enter the full house review stage. The updated plan, called the "final offer" by the sponsors, was formed after months of negotiations and is 635 pages long and makes significant adjustments to how federal ethics apply to public officials and their digital asset holdings.

The revised bill text also adjusts relevant frameworks, including the Blockchain Regulatory Determination Act (BRCA) and provisions related to the "benefit" mechanism of stablecoins. Cynthia Lummis, chairman of the Senate Banking, Housing and Urban Affairs Committee's Digital Assets Subcommittee, co-released the draft with Senate Banking Committee Chairmen John Boozman and Tim Scott, saying its ethics provisions have been agreed to by President Donald Trump .

Summary of core points

Strengthen ethical restrictions: The final version of the CLARITY Act strengthens restrictions on federal officials 'interests in significant digital assets, and violations may face civil penalties.

State Attorney General Enforcement Power: State Attorney General will be given enforcement power to prohibit public officials from issuing, sponsorship Or hold significant interests, and take action against bans such as illegal listing of assets on the exchange.

Restrictions on stablecoin rewards: Restrictions on stablecoin rewards will be linked to the discovery of community bank deposit losses, and this authorization will be set 18 months after the bill takes effect.

Procedural vote sets the tone: Republicans view this as a "final offer" to gain support

Republicans plan to hold a procedural vote on the CLARITY Act at 2:15 p.m. EDT on Tuesday. The vote was intended to establish whether the measure could be advanced to a potential full-house debate stage. A Republican aide described the revised text as a "final offer" aimed at winning broader Democratic support, suggesting the party expects the version to push negotiations towards an end.

Loomis said the final text of the bill reflects a year of intensive bipartisan work and made 126 changes at the request of Democrats. She described the revisions as ready for submission to the Senate and emphasized the ethics clause as the main bargaining point. In her remarks, Loomis said President Trump had "voluntarily agreed" to what she described as a broad range of moral restrictions that covered federal elected officials, judges and their spouses.

Ethics provisions expand the scope of enforcement and clarify the stripping of rules

The most significant changes involve the ethical framework. Revised ethics rules allow state attorneys general Enforce an injunction against covered federal officials who are not allowed to publish, rumor , or hold significant financial interests in digital assets. The draft also authorizes state enforcement action against exchanges that list assets in violation of these prohibitions.

Individuals subject to restrictions must divest of significant financial interests or place them in Qualified Blind Trust . The bill clearly stipulates penalties for violations: US$500,000 or 20% of the amount received in the prohibited transaction , whichever is higher.

According to the revised text, ethics provisions typically take effect 360 days after the bill is enacted . But if implementing regulations are completed earlier, the bill also allows early implementation, which may accelerate the compliance obligations of relevant officials and market participants. The breadth of enforcement-particularly the involvement of state attorneys general and its links to exchange listings-could pose practical challenges for exchange and compliance teams if the measure becomes law. Traders will also pay close attention to how regulators define "significant" interests and the practical steps required for public officials and their spouses.

The sponsors 'announcement linked these ethics provisions to the negotiating language they claim to have reached at the White House level.

Stabiloin yield limits depend on deposit losses determination

In terms of stablecoins, the revised bill requires the Treasury Secretary to introduce rules to limit rewards , provided that the Treasury Department determines community banks Deposits are being lost on a large scale. The authorization is not valid indefinitely: it will expire 18 months after the bill becomes law .

This structure suggests that Congress is trying to address the issue of stablecoin "yield" incentives that could affect bank deposits, while also limiting the length of time this special regulatory lever can be used. The key uncertainty facing market participants is how the Treasury will define "significant" deposit losses and how it will be measured in practice.

BRCA updates expand exemptions and adjust citations

The revised BRCA retains protective measures designed to prevent digital asset developers from being designated as money carriers or financial institutions under the Bank Secrecy Act. The amendment also extends protection to previously excluded miners and validators .

In addition to expanding the scope of BRCA-style protection, the revised text also removes a reference to 18 U.S. Code Section 1960, which prohibits unlicensed money transmission services.

draft update strengthen safeguards surrounding related party transactions and conflicts of interest involving digital commodity exchanges, brokers and dealers. The bill also clarifies the application of consumer protection laws, aiming to reduce ambiguity about enforcement and market behavior expectations.

These adjustments may be critical to developers and network participants as they seek to narrow the circumstances in which certain parties may face the framework of money carriers or financial institutions. Expanding protection to miners and verifiers may reduce regulatory uncertainty in parts of network infrastructure that are often ignored in traditional compliance debates.

Market odds reflect a rebound in attention, but votes are still pending

Although procedural voting has not yet occurred, betting odds in similar markets have changed. According to the Polymarket event page, the odds of passage of the CLARITY Act this year reached 35% on Monday, the highest level since the end of July.

Still, odds trading cannot replace Senate arithmetic. The most important thing for investors and developers is whether the procedural steps are successfully passed on Tuesday and whether the Senate can reach consensus around the revised ethics and regulatory provisions without further changes.

Everyone's eyes will be on the specific mechanisms for enforcement-especially how to define "significant" positions, how to deal with blind trusts, and what the Treasury will ultimately use as a threshold for stablecoin reward limits. Even with the "final offer" as the framework, the results of procedural voting will determine when stakeholders can plan around a clearer regulatory path.