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TRUMP 
USD1 Senate will vote on final draft of CLARITY bill: Contains 126 Democratic amendments
Republicans added 126 Democratic amendments to the final draft of the CLARITY bill before Tuesday asked the bipartisan Senate to vote to end debate. The new ethics provisions cover elected officials and their spouses, and give state attorneys general the power to enforce certain conflict of interest rules nationwide.
Although the stablecoin safeguards protect community bank deposits, the limited congressional session still creates obstacles to debate, amendments, House approval, and final passage.
Bipartisan Compromise and Ethics Expansion
Republicans have released the final draft of the CLARITY Act, which contains 126 substantive changes requested by Democratic lawmakers. According to Senators Cynthia Lummis, John Boozman and Tim Scott, the revisions reflect extensive cross-party negotiations. If the senators approve the end of the debate, Republicans will use the revised text as a response to the H.R. An alternative amendment to 3633 was proposed.
Republicans absorbed most of the bipartisan proposal developed by Senators Thom Tillis and Ruben Gallego. These rules will cover presidents, vice presidents, members of Congress, federal employees, judges and their spouses. In addition, state attorneys general will be given the power to enforce certain conflict-of-interest requirements involving public officials. However, the text does not extend these restrictions to children or other relatives of officials.
According to reports cited during the negotiations, President Donald Trump largely accepted the proposed restrictions. At the same time, he showed in his 2025 financial disclosure report that revenue from cryptocurrency-related exceeded $1.4 billion. His business landscape includes World Liberty Financial, USD1 and TRUMP memecoin.
The stablecoin protection mechanism targets community bank risks
Another major change is to give temporary powers to the Minister of Finance to limit stablecoin rewards in the event of large-scale withdrawals from community banks. This "circuit breaker" mechanism will remain in place for 18 months after the bill is enacted. Banks believe that stablecoin incentives may withdraw deposits from local institutions and weaken their ability to lend. Although the bill prohibits the payment of interest on idle stablecoin balances, platforms can still provide rewards linked to the use of stablecoin.
Banking groups therefore view this power of the finance minister as an emergency mechanism to deal with severe deposit flight. In addition, the draft narrows the scope of fund transfer registration requirements for certain software developers and establishes the civil safe harbor principle.
The closing debate vote leaves a narrow path for final passage
Tuesday's closing debate vote is the first major obstacle facing the legislation and requires the support of at least 60 senators. Republicans hold 53 seats, which means if all Republicans support closing the debate, they need the support of at least seven more Democrats or independent senators.
However, a successful vote only means opening the debate process, rather than ensuring final adoption. In addition, the House must approve the Senate alternative before submitting it to President Trump. Congress faces a tight timetable, just a few months before the November 3 midterm elections. The Senate plans to begin its state work cycle on October 5, while House leaders have canceled a two-week legislative schedule in late September.
Loomis warned that if this Congress fails to pass the bill, comprehensive financial market structure legislation may be delayed until 2030. Market traders are expected to respond positively to the compromise, increasing the chance of passage of the bill from about 22% to 32%. Still, the high 60-vote threshold means the bill still relies on bipartisan support, even if Republicans have made concessions. As a result, the final draft moves the CLARITY Act from a lengthy negotiation phase to a decisive Senate test in Congress.
