Senate Republicans release the text of the "final" clear bill and will hold a closing debate vote

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Senate Republicans release the text of the "final" clear bill and will hold a closing debate vote

2026-09-14 20:21:36

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TLDR: Core Points

Ethical norms and stablecoin guarantees form the cornerstone of the revised text.
The bipartisan consensus gained momentum ahead of the Senate vote.
After a year of negotiations, the Clarity Act incorporated 126 changes proposed by Democrats.
New ethical rules require federal officials to dispose of cryptocurrency assets or create blind trusts.
Finance Minister gets "circuit breaker" powers to protect community bank deposits.
BlackRock, Goldman Sachs and major law enforcement groups support the final bill.

The Clarity Act enters its final stages in the Senate, with Republicans releasing revised text as the final proposal ahead of Tuesday's cloture vote.

Senate Banking Digital Assets Subcommittee Chairman Cynthia Lummis, co-Chairmen John Boozman and Tim Scott, released an updated draft. The text reflects more than a year of bipartisan dialogue and contains 126 substantive changes proposed by Democrats, covering areas such as ethics, stablecoins and consumer protection.

Ethical norms and stablecoin guarantees form the cornerstone of the revised text

The revised Clarification Act narrows the scope of protection under the Blockchain Regulatory Definiteness Act. Current coverage focuses on the Bank Secrecy Law and civil law enforcement matters. Under the updated framework, developers will still be protected from the money transfer registration requirement. Civil safe harbor provisions for software builders remain part of the plan. The new ethics clause requires lawmakers to dispose of large cryptocurrency holdings or place them in blind trusts. This statement reflects most of the Tilllis-Gallego ethics proposal in previous negotiations. Under the updated draft, the state attorney general is given an important law enforcement role. "President Trump has voluntarily agreed to unprecedented ethical restrictions, placing every federal elected official, judge and spouse under the strictest ethical restrictions in American history," Loomis said. The stablecoin provisions include a "circuit breaker" mechanism linked to community bank deposits. If deposits flow significantly into stablecoins, the finance minister will be given the authority to take action. This safeguard is designed to protect community banks, farmers and small businesses. Tighter guardrail regulations on vertical integration and related transactions also appear in the text. The bill clarifies that state consumer protection laws still apply to the digital asset market. Under the revised wording, developer protection does not exempt activities under the derivatives law. The forecast market is not affected by the developer exemption clauses included in the draft. Loomis added that the text is "truly bipartisan and contains more than 120 Democratic requirements."

Bipartisan consensus gains momentum ahead of Senate vote

Chairman Bozman, who led the drafting of some bills on the Agriculture Committee, praised the collaborative process. "We have an opportunity to establish clear rules to protect consumers, strengthen our markets, and ensure we remain a global leader in digital asset innovation," he said. Bozman thanked Loomis for his continued leadership throughout the negotiation process. He said the current moment is crucial to maintaining the United States 'leadership position in the field of digital assets. Chairman Scott elaborated on the bill around the day-to-day financial security of American families. "Growing up with a single mother in South Carolina taught me that every dollar counts," he said. Scott said the bill "will protect Americans 'hard-earned money, keep innovation and jobs in America, and strengthen our national security." He thanked Bozman and Loomis for their cooperation in this effort. Major financial institutions, including BlackRock and Goldman Sachs, have expressed support for the legislation. Fidelity, Franklin Templeton, Charles Schwab and SoFi also support the current text. Law enforcement groups, including the National Fraternal Order of Police, also supported the bill. The National Sheriffs Association and the Majority County Sheriffs Association recently withdrew their objections. Together, these groups represent law enforcement officials who protect more than 130 million Americans nationwide. Loomis said a "no" vote on Tuesday would mean "giving Americans zero protection in the digital asset market." The Senate is expected to hold a closing debate vote Tuesday afternoon.

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