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Senate Republicans put forward what they called the final version of a sweeping crypto markets bill late Sunday, incorporating more than 100 Democrat-backed changes in a bid to secure enough votes for a procedural test on Tuesday.
Senators Cynthia Lummis, John Boozman, and Tim Scott released the updated text of the Digital Asset Market <a href="https://xpertsstudio.com/xrp-price-tests-1-40-ahead-of-september-15-clarity-act-vote/” title=”XRP Price Tests $1.40 Ahead of September 15 CLARITY Act Vote”>Clarity Act (H.R. 3633), saying it reflects 126 substantive changes requested by the minority. If the Senate votes to invoke cloture on Sept. 15, the revised text would be entered as the substitute amendment.
Ethics Restrictions Draw Bipartisan Scrutiny
Central to the negotiations was an ethics proposal developed by Senators Tillis and Gallego. The revised draft incorporates most of that language, including a provision allowing state attorneys general to help enforce conflict-of-interest rules for federal officials. Several Democrats had made that provision a condition of their support.
The Associated Press reported that President Donald Trump agreed to the ethics language. Trump and members of his family have faced sustained political scrutiny over their crypto holdings, including stakes tied to World Liberty Financial, the USD1 stablecoin, and the Official Trump (TRUMP) meme coin. His 2025 financial disclosure showed more than $1.4 billion in crypto-related income, drawing conflict-of-interest questions while his administration simultaneously shapes industry regulation.
Related Article: Senate Republicans Release Revised CLARITY Act Ahead of Sept. 15 Vote
The bill’s ethics provisions cover the President, Vice President, members of Congress, other federal officials and employees, and their spouses. The text does not extend those limits to other family members, including officials’ children. Lummis said Trump had voluntarily agreed to restrictions she described as among the toughest ever placed on elected officials, and called on Democrats to support the bill given those concessions.
Stablecoin Safeguards and a Tight Legislative Window
The revised draft also gives the Treasury secretary power to activate a circuit breaker on stablecoin rewards if payment stablecoins trigger substantial deposit outflows from community banks. The measure, designed as an emergency brake for smaller lenders, would remain in effect for 18 months following enactment. The bill bars platforms from paying interest on idle stablecoin balances but continues to allow rewards tied to active stablecoin usage, a gap that banking groups say still poses a risk. Rob Nichols, president and CEO of the American Bankers Association, said Sunday that more senators are recognizing the need to address that issue before the bill advances.
Other changes in the new text would narrow money-transmission registration for certain software developers, add a civil safe harbor, apply Agriculture Committee guardrails on affiliate trading and conflicts of interest, and spell out when state consumer protection laws apply to digital asset activity.
The bill’s path to passage is narrow. Tuesday’s cloture vote requires 60 senators, meaning at least seven Democrats or independents must side with all 53 Republicans. Even if that bar is cleared, amendments, a final Senate vote, and House consideration of the substitute would need to be completed before the legislative calendar closes. The Senate enters a state work period on Oct. 5, with Election Day on Nov. 3, and House leaders have already canceled the weeks of Sept. 21 and Sept. 28. Lummis said last week that failure to pass the bill this Congress could push passage to 2030. On prediction market Polymarket, the probability of the bill passing this year moved from roughly 22% to 32% following the release of the updated text.
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