TLDR
- Senate Republicans released a 635-page revised CLARITY Act on Sunday, two days before a key procedural vote on Tuesday
- The bill includes new ethics rules requiring federal officials to divest digital asset holdings or place them in a blind trust
- President Trump agreed to the ethics provisions, which would be the first of their kind for a sitting president
- Violations of the ethics rules could result in civil penalties of $500,000 or 20% of the prohibited transaction amount
- Polymarket odds for the bill passing this year hit 35% on Monday, the highest since late July
Senate Republicans released revised text of the CLARITY Act on Sunday, a 635-page proposal aimed at securing enough Democratic support ahead of a procedural vote set for Tuesday at 2:15pm ET.
BREAKING: Senate Republicans have released their "last, best, and final" draft of the Crypto Clarity Act, including an ethics proposal backed by President Trump.
The bill is now headed for a critical Senate vote on Tuesday.
The vote will require 60 votes to advance the…
— The Kobeissi Letter (@KobeissiLetter) September 14, 2026
The bill was released by Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis, along with Chairmen John Boozman and Tim Scott. Lummis described it as a final offer after a year of bipartisan talks and 126 changes made at Democrats’ request.
“After a year of intense daily bipartisan negotiations, this bill is ready,” Lummis said.
What the Ethics Rules Would Do
The revised ethics provisions would allow state attorneys general to enforce bans on federal officials issuing, sponsoring, or holding large financial interests in digital assets. Covered individuals would need to divest or place those interests in a qualified blind trust.
🇺🇸 BREAKING: Senate Republicans release new Clarity Act text, their “LAST, BEST AND FINAL” offer ahead of Tuesday’s crucial cloture vote, per Eleanor Terrett.
The latest text revises DeFi-related provisions to the Blockchain Regulatory Certainty Act (BRCA), Stablecoin Yield and… pic.twitter.com/aOFvcz0xus
— Coin Bureau (@coinbureau) September 14, 2026
Penalties for violations would be $500,000 or 20% of the prohibited transaction, whichever is greater. The rules would take effect 360 days after the bill becomes law, or sooner if regulations are finalized.
President Trump voluntarily agreed to the ethics restrictions, which Lummis said would be the toughest of their kind in US history for a sitting president. Democrats have pushed back, arguing the restrictions could be easily sidestepped.
Stablecoins and Developer Protections
On stablecoins, the bill would require the Treasury Secretary to restrict rewards if community banks are found to be losing deposits at a large scale. That authority would expire 18 months after the bill becomes law.
The revised Blockchain Regulatory Certainty Act included in the proposal would protect developers from being treated as money transmitters under the Bank Secrecy Act. Those protections would now extend to miners and validators, who were previously left out.
The bill also strengthens rules around affiliate trading and conflicts of interest at digital commodity exchanges.
What Happens Next
Tuesday’s vote is a procedural step, not a final decision. The bill still needs 60 votes to advance, and a handful of Republicans have voiced concerns about the stablecoin yield provisions.
If the vote fails or gets delayed, the bill could still be negotiated further before the Senate recess ahead of November elections. After that, lawmakers would enter a lame duck session with limited time to act.
Coinbase CEO Brian Armstrong said either outcome is acceptable, noting that regulators would step in with new rules if the bill does not pass. The SEC chief has said rules alone would not replace a new law.
Polymarket odds for the CLARITY Act passing this year rose to 35% on Monday.
