Senate Republicans Release 635-Page 'Final' CLARITY Act Draft Ahead of Sept. 15 Cloture Vote
On Sunday, Senators Cynthia Lummis, John Boozman, and Tim Scott unveiled a 635-page draft of the "final" CLARITY Act, which incorporates 126 amendments requested by Senate Democrats following more than a year of discussions. This legislation largely embraces a bipartisan ethics initiative proposed by Senators Thom Tillis and Ruben Gallego, with President Donald Trump endorsing the new limitations. The ethics rules apply to the president, vice president, and congressional members, but exclude their children. Additionally, the draft permits the Treasury secretary to implement an 18-month circuit breaker on specific stablecoin rewards. Protections for blockchain developers have been reduced, and provisions from the Agriculture Committee have been tightened. A cloture vote is set for Tuesday, Sept. 15, with limited time due to the approaching state work period and Election Day.
Key facts
- Sens. Cynthia Lummis, John Boozman and Tim Scott released a 635-page "final" CLARITY Act draft late Sunday
- The draft includes 126 substantive changes requested by Senate Democrats after more than a year of bipartisan negotiations
- President Donald Trump has agreed to new ethics restrictions covering the president, vice president, members of Congress and their spouses
- The bill gives the Treasury secretary authority to impose an 18-month circuit breaker on certain stablecoin rewards if payment stablecoins trigger substantial deposit outflows
- Blockchain developer protections would be narrowed to Bank Secrecy Act and civil enforcement matters, removing language that could have shielded developers from prosecutions under 18 U.S.C. 1960
- A cloture vote is scheduled for Tuesday, Sept. 15, requiring 60 senators; Republicans control 53 seats
- Lummis has warned that if the CLARITY Act fails in this Congress, lawmakers could wait until 2030 for another opportunity
- Prediction markets put the probability of the bill becoming law this year at roughly one-third, up from the low-20% range
Entities
Artists
- Cynthia Lummis
- John Boozman
- Tim Scott
- Thom Tillis
- Ruben Gallego
- Donald Trump
- Patrick Witt
Institutions
- CLARITY Act
- Senate Republicans
- Senate Democrats
- World Liberty Financial
- American Bankers Association
- Blockchain Regulatory Certainty Act
- Treasury
- Agriculture Committee
- White House Council of Advisors for Digital Assets
- NFT Plazas
Locations
- United States
- Washington, D.C.