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BTC 
ETH Senate Republicans release final revision of the Clarity Act: Add 126 Democratic changes and stricter ethics rules
Senate Republicans released the heavily revised final text of the Clarity Act ahead of a key 60-vote closure test on Tuesday. The 635-page version contains 126 Democratic revisions and establishes stricter codes of moral behavior.
Core Points
The final text adds stricter ethical restrictions, including requiring specific asset holders to divest or place them under "blind trust" management. At the same time, state attorneys general have been qualified to act in law enforcement proceedings, and the sunset clause, originally scheduled to expire in 2029, has been removed. However, Republicans still need to win seven Democratic votes in Tuesday's closing debate vote for the bill to move forward.
Specific changes to the Clarity Act
The final text released on Sunday by Senators Cynthia Lummis, John Boozman and Tim Scott is five pages longer than the September 10 draft. Senators said this reflected the results of more than a year of bipartisan negotiations and incorporated 126 substantive changes proposed by Democrats. Voting is scheduled for Tuesday afternoon.
In the ethics chapter, the new rules prohibit officials from holding at least US$15,000 in stock if their company's main income in the past three years has come from issuance or Sponsored tokens. These officials must divest such interests or transfer assets to blind trusts. In addition, the rules extend to elected presidents, elected vice presidents and elected members of Congress. Their children and dependents are not bound by this clause.
The amendment also removes the 2029 sunset clause, adjusts the penalty cap from 10% to an inflation-adjusted 20% lower limit, and applies to both interest and transaction parties; and gives the state attorney general the right to file a lawsuit. In other respects, exceptions to proprietary trading have been narrowed, the definition of "online tokens" has been changed from "digital goods" to "digital assets", and the Ministry of Finance has the authority to deal with the loss of community bank deposits caused by stablecoins. Developers receive exemption protection under the Bank Secrecy Act (BSA) registration, but lose clear protection from criminal funds transfers.
Senator Loomis's voting position and game
Donald Trump agreed to a revised ethics clause after the conflict of interests rule became a major obstacle to negotiations. " President Trump has voluntarily accepted unprecedented moral restrictions, requiring all federal elected officials, judges and their spouses to abide by the strictest moral code in U.S. history," Loomis said. Despite this concession, the result of the vote is still undecided.
The Republican Party made the draft the final proposal, and the bill still needed seven Democratic votes to make up the 60-vote threshold to pass the final debate. "If you vote no on Tuesday, it means opposing real moral reform that targets politicians 'personal investments... Democrats have got what they want, and now they need to accept the' yes 'answer," Loomis pointed out. This change in enforcement powers responds to key demands from Democrats.
It is important to note that the closing debate vote will only determine whether the Senate begins formal consideration of the broader market structure bill, rather than immediately making it law. The September 10 draft neither contained a shareholding ban nor prohibited state attorneys general from filing claims, and those disputes continued into the final revised version.
