Senate Republicans have released a revised 635-page version of the CLARITY Act in a final effort to win Democratic support before a procedural vote scheduled for Tuesday at 2:15 p.m. ET.
The proposal was introduced on Sunday by Cynthia Lummis, chair of the Senate Banking Committee’s Digital Assets Subcommittee, alongside Senate Agriculture Committee Chairman John Boozman and Senate Banking Committee Chairman Tim Scott. A Republican aide described the text as the party’s “final” offer before the vote, which will determine whether the legislation can advance toward consideration on the Senate floor.
Ethics rules target officials’ digital asset interests
The revised bill includes changes to its provisions on government officials and cryptocurrency. Lummis said the text reflects a year of bipartisan negotiations and 126 changes requested by Democrats. She also said President Donald Trump had agreed to the proposed ethics restrictions.
Under the revised language, state attorneys general would be able to enforce bans on federal officials issuing, sponsoring or holding significant financial interests in digital assets. Exchanges would also be prohibited from listing assets in violation of those restrictions.
Covered officials would have to divest significant digital asset holdings or place them in an approved blind trust. Violations could result in civil penalties of $500,000 or 20% of the value of the prohibited transaction, whichever is higher. The provisions would take effect 360 days after enactment, or earlier if the relevant regulations are completed.
Stablecoin and infrastructure provisions revised
The bill would require the Treasury secretary to introduce limits on stablecoin rewards if evidence shows that community banks are losing deposits on a large scale. That authority would expire 18 months after the legislation becomes law.
The revised Blockchain Regulatory Clarity Act would continue protecting blockchain developers from being treated as money transmitters or financial institutions under the Bank Secrecy Act. The protections would also extend to miners and validators, who had previously been excluded. The new text removes references to Section 1960 of Title 18 of the US Code, which addresses unlicensed money transmission businesses.
Other amendments address affiliate trading and conflicts of interest involving digital commodity exchanges, brokers and dealers, while also clarifying how consumer protection rules would apply.
Market-based expectations for passage remain limited. Polymarket odds reached 35% on Monday, the highest level since late July, although the procedural vote will be the next major test of whether the bill has enough support to proceed.
