Senate Republicans have released what they call the final version of the CLARITY Act ahead of a key procedural vote on Tuesday, with the new draft including changes sought by Democrats and stricter ethics rules for senior government officials.
Sens. Cynthia Lummis, John Boozman and Tim Scott said the bill includes 126 substantive changes requested by Democrats. If the Senate approves the cloture vote, the new text would be introduced as a substitute amendment.
The latest draft includes most of a bipartisan ethics proposal from Sens. Thom Tillis and Ruben Gallego. The rules would restrict the president, vice president, members of Congress, other federal officials and their spouses from certain crypto-related activities. State attorneys general would also have a role in enforcing the conflict-of-interest rules.
President Donald Trump has agreed to most of the proposed ethics restrictions, according to the Associated Press. Trump and his family have faced scrutiny over their crypto businesses, including World Liberty Financial, the USD1 stablecoin and the TRUMP memecoin. His financial disclosure showed more than $1.4 billion in crypto-related income in 2025.
The new draft also gives the Treasury secretary temporary power to restrict stablecoin rewards if they trigger major deposit outflows from community banks. The measure would act as an emergency “circuit breaker” and remain available for 18 months after the bill becomes law.
The bill continues to allow rewards linked to stablecoin use, while prohibiting platforms from paying interest on idle stablecoin balances. Banks have pushed for tighter rules, arguing that the current language could encourage customers to move deposits away from traditional banks.
Other changes would provide greater protection for certain blockchain developers, add new rules on affiliate trading and conflicts of interest, and clarify how state consumer-protection laws apply to digital assets.
Narrow window for passage
The Senate faces a tight timeline to pass the bill. The first major test is Tuesday’s cloture vote, which requires 60 votes. Republicans control 53 seats, meaning they would need at least seven Democrats or independents to support the measure if all Republicans vote in favor.
Even if cloture passes, the Senate would still need to debate and amend the bill before final passage, followed by action in the House. With the midterm election approaching, lawmakers have only a few weeks to complete the process.
White House crypto adviser Patrick Witt urged lawmakers to move forward, saying the bipartisan bill has been under negotiation for more than a year.
Following the release of the new draft, Polymarket traders raised the odds of the CLARITY Act becoming law this year from about 22% to 32%.
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