Catenaa, Monday, September 14, 2026 – Senate Republicans have released what they describe as the final draft of the Digital Asset Market Clarity Act ahead of a crucial September 15 cloture vote, after incorporating 126 substantive changes sought by Democrats.
Sens. Cynthia Lummis, John Boozman and Tim Scott released the revised text late Sunday, saying it would become the substitute amendment if the Senate votes to begin debate.
The latest draft incorporates most of a bipartisan ethics proposal developed by Sens. Thom Tillis and Ruben Gallego.
The provisions would apply conflict-of-interest restrictions to the president, vice president, members of Congress, federal officials and employees, judges and their spouses.
State attorneys general would also gain a role in enforcing parts of the ethics framework.
The proposal does not impose equivalent restrictions on other family members, including children of elected officials.
President Donald Trump has largely agreed to the proposed ethics provisions, according to the Associated Press.
The issue has been politically sensitive because Trump and members of his family have interests in crypto businesses, including World Liberty Financial, the USD1 stablecoin and the TRUMP memecoin.
Trump reported more than $1.4 billion in crypto-related income in 2025, prompting conflict-of-interest concerns as his administration works on digital-asset policy.
The new draft also attempts to address banking-industry concerns over stablecoin rewards.
It would allow the Treasury secretary to impose an 18-month circuit breaker on certain stablecoin rewards if payment stablecoins cause substantial deposit outflows from community banks.
Banks have argued that stablecoin rewards could pull deposits away from smaller lenders and reduce funds available for local lending.
The bill still limits platforms from paying interest simply for holding stablecoins, but rewards tied to usage would remain permitted.
The new circuit-breaker provision is intended to give regulators an emergency tool if those incentives begin causing serious deposit flight.
Other changes would narrow money-transmission registration requirements for some software developers, add a civil safe harbor and introduce additional rules covering affiliate trading and conflicts of interest.
The draft also clarifies how state consumer-protection laws would apply.
The CLARITY Act is intended to establish a clearer division of responsibility between the Securities and Exchange Commission and the Commodity Futures Trading Commission for digital assets.
The House passed an earlier version, but Senate negotiations have continued for more than a year as lawmakers debated DeFi, stablecoins, ethics rules and anti-money-laundering requirements.
Tuesday’s vote is procedural rather than final passage.
The Senate needs 60 votes to invoke cloture and begin formal consideration of the measure.
Republicans hold 53 seats, meaning at least seven Democrats or independents would have to support cloture if every Republican votes in favor.
Even if the vote succeeds, the bill would still face amendments, final Senate passage and further House action.
The legislative calendar is also tight.
The Senate is scheduled to begin a state work period October 5, while the House has canceled the weeks of September 21 and September 28.
That leaves lawmakers only a limited window before the November 3 midterm elections.
Prediction-market traders reacted to the release by raising the odds of CLARITY passing this year from about 22% to 32% on Polymarket.
The September 15 vote will determine whether the revised bill finally moves into full Senate debate after months of negotiation.
