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FollowingSenate Republicans release the final draft of the CLARITY bill, preparing for a procedural test
On September 14, the day before the scheduled closing debate vote on September 15, Senate Republicans released the 635-page final draft of the CLARITY bill. Lawmakers said the text contained 126 substantive changes proposed by Democrats, laying the foundation for the next procedural test of the crypto market structure bill.
Final Draft and Closing Debate Vote
In a statement accompanying the final text, Senators Cynthia Lummis, John Boozman and Tim Scott announced the release of the final draft of the CLARITY Act. The document is 635 pages long and is scheduled to vote on the closing debate on September 15. Republicans said the final text incorporated 126 substantive changes requested by Democrats; the senator's announcement identified the document as the final draft released before the vote.
Trump accepts most of the proposed crypto ethical restrictions
The revised legislation also reflects President Donald Trump's reportedly agreement to accept approximately 80% of the crypto ethics proposals proposed by Senators Thom Tillis and Ruben Gallego. According to the Associated Press, the proposal would require officials to divest significant crypto-related interests or place them in blind trusts. In addition, the Associated Press reported that ethics provisions in the final draft would allow state attorneys general to enforce restrictions involving regulated officials and exchanges. This enforcement clause puts state authorities within the framework of the bill's proposed restrictions.
Temporary stablecoin reward safeguards
Another amendment will give the Minister of Finance temporary powers to restrict stablecoin rewards if they cause large deposit outflows from community banks. The Block reported that the clause links potential restrictions to specific bank impacts, rather than establishing a permanent ban as the draft described in the report. Currently, the Senate plans to vote on ending debate on September 15.
