The revised 635-page proposal features ethics measures backed by Trump and was released just two days ahead of a key procedural vote.
Senate Republicans released updated CLARITY Act text on Sunday in an effort to win Democratic support before Tuesday’s procedural vote, with major revisions made to rules governing government officials’ involvement in digital assets.
The 635-page proposal, unveiled by US Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis with Chairmen John Boozman and Tim Scott, contains revisions to the Blockchain Regulatory Certainty Act (BRCA) and rules covering stablecoin yield. Lummis said the updated ethics measures had been approved by US President Donald Trump.
She said the bill was now ready after a year of intense, day-to-day bipartisan talks. According to her, President Trump had voluntarily accepted unprecedented ethics limits, placing federally elected officials, judges and their spouses under some of the strictest ethics rules in US history.
The revised bill was released just two days ahead of Tuesday’s 2:15 p.m. ET procedural vote on the CLARITY Act, which will decide whether the Senate can move the legislation toward a floor vote. A Republican aide told reporters Sunday that the proposal represents the party’s final offer on the bill.
Key Changes in the Final CLARITY Act Text
Lummis said the final version reflects a year of bipartisan talks, with 126 revisions made in response to requests from Democrats.
The updated ethics rules would let state attorneys general enforce restrictions preventing federal officials from issuing, sponsoring or holding major financial interests in digital assets, while also targeting exchanges that list assets breaching those restrictions.
Covered individuals would also have to sell off major financial interests or move them into a qualified blind trust. Violations could result in civil fines of $500,000 or 20% of the value received through the prohibited transaction, whichever is higher, while the ethics rules would take effect 360 days after enactment or earlier if implementing regulations are completed.
For stablecoins, the Treasury Secretary would have to issue rules limiting rewards if it is determined that community banks are losing deposits on a significant scale, with that authority set to expire 18 months after the bill takes effect.
Meanwhile, the updated BRCA would keep protections that prevent developers from being classified as money transmitters or financial institutions under the Bank Secrecy Act, while extending those safeguards to miners and validators who were previously left out.
The measure would also remove references to Section 1960 of Title 18 of the US Code, which covers the ban on operating unlicensed money-transmitting businesses.
Other revisions would tighten safeguards against affiliate trading and conflicts of interest at digital commodity exchanges, brokers and dealers, while also clarifying the application of consumer protection laws.
Although the odds remain relatively low, Polymarket’s prediction for the CLARITY Act to pass this year climbed to 35% on Monday, marking its highest level since late July.
