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TRUMP 
USD1 Senate Republicans propose the final version of the cryptocurrency market bill, incorporating more than a hundred Democratic amendments to win procedural votes.
Late Sunday night, Senate Republicans introduced what they called the final version of the "Comprehensive Cryptocurrency Markets Act." The draft incorporates more than 100 changes supported by Democrats and aims to muster enough votes for a procedural vote held on Tuesday.
Senators Cynthia Lummis, John Boozman and Tim Scott issued the Digital Asset Markets Clarification Act (H.R. 3633) and said it reflected the 126 substantive changes proposed by the minority party. If the Senate votes on a cloture on September 15, the revised text will be submitted as an alternative amendment.
Ethics restriction clause triggers bipartisan review
The core of the negotiations is the ethics proposal developed by Senators Tillis and Gallego. The revised draft incorporates most of the proposal, including provisions that allow state attorneys general to assist in enforcing conflict of interest rules for federal officials. Previously, many Democratic lawmakers had made this provision a prerequisite for their support of the bill.
According to the Associated Press, President Donald Trump agreed to the ethics clause. Trump and his family face ongoing political scrutiny for their holdings of cryptocurrencies, including holdings related to World Liberty Financial, USD1 stablecoins and Official Trump (TRUMP) memecoins. Its 2025 financial disclosures showed that its cryptocurrency-related revenue exceeded $1.4 billion, raising questions about conflicts of interest as its government simultaneously develops industry regulatory policies.
The bill's ethics provisions cover the president, vice president, members of Congress, other federal officials and employees and their spouses. However, the text does not extend these restrictions to other family members, including children of officials. Loomis said Trump voluntarily agreed to what she called one of the strictest restrictions on elected officials and called on Democrats to support the bill after making those concessions.
Stability coin safeguards and tight legislative window
The revised draft also gives the Minister of Finance the power to activate a "circuit breaker" mechanism for stablecoin rewards if a payment type stablecoin causes a large-scale outflow of deposits from community banks. The rule, which aims to provide emergency braking measures for small lenders, will remain in place for 18 months after the bill takes effect. The bill prohibits platforms from paying interest on idle stablecoin balances, but continues to allow rewards related to active use of stablecoin, a loophole that banking groups believe remains risky. Rob Nichols, chairman and CEO of the American Bankers Association, said on Sunday that a growing number of senators recognize that the issue must be addressed before the bill can move forward.
Other changes in the new text include narrowing the scope of money transfer registrations for specific software developers, adding civil safe harbor provisions, applying the Agricultural Council's guardrail rules on affiliated transactions and conflicts of interest, and clarifying when state consumer protection laws apply to digital asset activities.
The bill's path to passage is very narrow. Tuesday's closing debate vote requires the support of 60 senators, which means at least seven Democrats or independents need to stand with all 53 Republicans. Even if this threshold is crossed, amendment review, final Senate vote, and House review of alternatives will still need to be completed before the legislative calendar ends. The Senate will enter recess on October 5, and the election day is November 3. House leaders have canceled the two-week work schedule on September 21 and September 28. Loomis said last week that if this Congress fails to pass the bill, its passage may be delayed until 2030. On prediction market Polymarket, with the release of updated text, the probability of the bill passing this year has increased from about 22% to 32%.
