Senate Republicans have released what they described as the final draft of the Digital Asset Market Clarity Act (H.R. 3633), adding new ethics restrictions, a stablecoin “circuit breaker” and other provisions aimed at winning enough Democratic support for a key procedural vote Tuesday.
Senators Cynthia Lummis, John Boozman and Tim Scott released the text late Sunday, saying it incorporates 126 “substantive changes” requested by Democrats after more than a year of negotiations. If the Senate invokes cloture on Sept. 15, the new text would be offered as a substitute amendment.
The revised bill includes most of the ethics framework negotiated by Republican Sen. Thom Tillis and Democratic Sen. Ruben Gallego. Among other changes, the proposal gives state attorneys general authority to enforce conflict-of-interest provisions, addressing a key Democratic objection to earlier versions.
After a year of intense daily bipartisan negotiations, this bill is ready. Here is the final text. President Trump voluntarily agreed to new ethics provisions holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in U.S.…
— Senator Cynthia Lummis (@SenLummis) September 14, 2026
President Donald Trump has agreed to the ethics provisions, 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 reported more than $1.4 billion in crypto-related income in 2025.
“President Trump voluntarily agreed to unprecedented ethics restrictions, holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in U.S. history,” Lummis said. “Democrats got what they wanted; now they need to take yes for an answer.”
Ethics Rules Target Officials and Spouses
The bill’s ethics provisions apply to public officials and employees, as well as the president, vice president, members of Congress and their spouses. The language, however, does not impose the same restrictions on other family members, including the children of covered officials.
The issue has become one of the central obstacles to bipartisan agreement. Senate Banking Committee Democrats had previously argued that earlier versions left significant loopholes that could allow Trump and other officials to continue benefiting from crypto businesses while overseeing the industry’s regulation.
The Senate Banking Committee’s Democratic staff had said in July that the previous version would not prevent Trump from continuing to profit from his crypto ventures. The latest draft attempts to address those concerns through tighter ethics requirements and expanded enforcement authority.
Treasury Gets Stablecoin “Circuit Breaker”
The latest draft also gives the Treasury secretary authority to temporarily restrict stablecoin rewards if payment stablecoins trigger substantial deposit outflows from community banks. The provision would remain available for 18 months after the law’s enactment.
Stablecoin rewards have been a major point of contention between crypto companies and the banking industry. The bill generally prohibits platforms from paying interest on idle stablecoin balances, while continuing to allow certain rewards tied to the use of stablecoins.
The new mechanism is intended to act as an emergency brake if stablecoin adoption causes significant deposit flight from community banks.
According to a report by The Block, the American Bankers Association has argued that the rewards provisions remain unclear.
“Why is it a few loud crypto voices, many tied to one company, are allowed to stand in the way of a solution that would improve the bill’s chances of clearing Congress?” the ABA said in a statement issued before the latest text was released. “Any fair reading of the current stablecoin rewards section must conclude that it’s unclear and even contradictory. If adopted, it will lead to legal challenges and more uncertainty.”
The banking industry’s concerns over stablecoin rewards have been building for months, with community banks warning that yield-like incentives could shift deposits away from traditional institutions.
More Changes Across Crypto Regulation
The latest version also modifies the Blockchain Regulatory Certainty Act to narrow money-transmission registration requirements for certain software developers and introduces a civil safe harbor.
Other provisions establish Agriculture Committee guardrails around affiliate trading and conflicts of interest and clarify how state consumer-protection laws apply to digital asset activities.
The broader CLARITY Act would establish a regulatory framework for digital assets and divide oversight responsibilities between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The Senate Banking Committee advanced the legislation in May by a 15-9 vote after months of bipartisan negotiations.
A Narrow Path to Passage
The Senate is scheduled to hold the first major test of the revised bill Tuesday, Sept. 15, when lawmakers return from the August recess.
The cloture vote requires 60 votes. Republicans hold 53 Senate seats, meaning that even with unanimous Republican support, at least seven Democrats or independents would have to join them.
Cloture would only open the door to further debate. Senators would still have to consider amendments and vote on final passage, after which the House would need to act on the Senate’s substitute.
The remaining legislative calendar leaves little room for delay. The Senate is scheduled to enter a state work period beginning Oct. 5, while Election Day is Nov. 3. The House has also canceled its scheduled weeks of Sept. 21 and Sept. 28, further compressing the timetable for completing legislation before the midterm campaign intensifies.
“After more than a year’s worth of negotiations, it’s time to pass this bipartisan bill,” Patrick Witt, executive director of the White House Council of Advisors for Digital Assets, wrote on X.
At every step of the way during the Clarity Act negotiations, the White House and Senate Republicans have been responsive to Democrats’ stated policy objectives.
After more than a year’s worth of negotiations, it’s time to pass this bipartisan bill. https://t.co/kyEYwaKQnA
— Patrick Witt (@patrickjwitt) September 14, 2026
Lummis has warned that failure to pass the legislation during the current Congress could push comprehensive crypto market-structure legislation back several years.
The revised text gives Republicans their strongest attempt yet to break the deadlock, but the outcome still depends on whether the new ethics and stablecoin provisions are sufficient to bring the necessary Democratic votes.
Prediction-market traders have remained skeptical. At press time, Polymarket’s CLARITY Act market was pricing the legislation at roughly a one-in-three chance of becoming law in 2026, although such probabilities can move rapidly as lawmakers negotiate.