Senate GOP Releases Final CLARITY Act Text Before Vote

Senate Republicans released a final 635-page draft of the CLARITY Act on September 14, one day before a scheduled September 15 cloture vote. The lawmakers said the text contains 126 substantive changes requested by Democrats, setting up the next procedural test for the crypto-market-structure bill.

Final draft and cloture vote

In a statement accompanying the final text, Senators Cynthia Lummis, John Boozman and Tim Scott announced the release of the final CLARITY Act draft.

The document runs 635 pages. Cloture is scheduled for September 15.

The Republicans said the final text incorporates 126 substantive changes requested by Democrats; the senators’ announcement identifies the document as the final draft released ahead of that vote.

Trump accepts most proposed crypto ethics restrictions

The revised legislation also reflects a reported agreement by President Donald Trump to accept about 80% of a crypto ethics proposal associated with Senators Thom Tillis and Ruben Gallego. The proposal includes requirements for officials to divest significant crypto-related interests or place them in a blind trust, according to the Associated Press.

AP reported that the final draft’s ethics language would allow state attorneys general to enforce restrictions involving covered officials and exchanges. That enforcement provision places state authorities within the bill’s proposed framework for the restrictions.

Temporary stablecoin-rewards safeguard

A separate revision would grant the Treasury secretary temporary authority to restrict stablecoin rewards if those rewards cause substantial deposit outflows from community banks, The Block reported.

The provision ties a potential restriction to a specified banking impact rather than establishing a permanent ban in the reported description of the draft. Senators are now scheduled to take up cloture on September 15.

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