US Republicans’ ‘final’ CLARITY Act offer to Democrats ahead of key vote

US Senate Republicans released revised text of the CLARITY Act ahead of a Tuesday procedural vote that will determine whether the bill can move toward floor consideration. The updated proposal, described by its sponsors as a “final offer” following months of negotiations, spans 635 pages and includes notable changes to how federal ethics rules would apply to public officials and their digital-asset holdings.
The revised bill text also adjusts related frameworks, including the Blockchain Regulatory Certainty Act (BRCA) and provisions addressing stablecoin “yield” mechanics. Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis released the draft with Senate Banking Chairs John Boozman and Tim Scott, and said the ethics provisions were agreed to by President Donald Trump.
Key takeaways

The final CLARITY Act draft strengthens ethics restrictions around federal officials’ significant digital-asset interests, with potential civil penalties for violations.
State attorneys general would gain enforcement authority tied to prohibitions on officials issuing, sponsoring, or holding significant interests, plus on exchanges listing assets in violation of those rules.
Stablecoin reward restrictions would be tied to deposit-loss findings involving community banks, with an 18-month sunset for that authority.
The revised BRCA expands protections beyond prior scope by extending treatment exemptions to miners and validators, while removing references to an unlicensed money transmitter provision.

Tuesday procedural vote sets the pace
Senate Republicans plan to test the CLARITY Act in a procedural vote Tuesday at 2:15pm ET. The vote is designed to establish whether the measure can advance toward potential floor debate. A Republican aide characterized the revised text as a final offer aimed at winning broader Democratic support, signaling that the party expects this version to carry the negotiations over the finish line.
Lummis said the bill’s final text reflects a year of intense, bipartisan work and that 126 changes were made at Democrats’ request. She framed the revisions as ready for Senate consideration, emphasizing the ethics package as a major bargaining point. In her remarks, Lummis said President Trump “voluntarily agreed” to what she described as sweeping ethics restrictions affecting federally elected officials, judges, and their spouses.
Ethics provisions broaden enforcement and add clearer divestment rules
The most prominent changes involve the ethics framework. The revised ethics rules would allow state attorneys general to enforce prohibitions on covered federal officials who issue, sponsor, or hold significant financial interests in digital assets. The draft would also authorize state-level enforcement actions related to exchanges that list assets in violation of those prohibitions.
Covered individuals would be required to divest significant financial interests or place them into a qualified blind trust. The bill specifies penalties for violations: $500,000 or 20% of the amount received in the prohibited transaction, whichever is greater.
According to the revised text, the ethics provisions would generally take effect 360 days after enactment. The bill also allows for earlier implementation if implementing regulations are finalized sooner, which could accelerate compliance obligations for relevant officials and market actors tied to the rules.
The breadth of enforcement—particularly the involvement of state attorneys general and the link to exchange listing behavior—could raise practical questions for exchanges and compliance teams if the measure becomes law. Traders may also watch how regulators define “significant” interests and the operational steps required for public officials and their spouses.
The sponsors’ announcement ties the ethics package to negotiated language they say was agreed at the White House level.
Stablecoin yield restrictions hinge on deposit-loss findings
On stablecoins, the revised bill would require the Treasury Secretary to introduce rules aimed at restricting rewards if Treasury determines that community banks are losing deposits on a substantial scale. The authority would not last indefinitely: it would expire 18 months after the bill becomes law.
This structure suggests Congress is attempting to address potential stablecoin “yield” incentives that could affect bank deposits—while limiting how long the special regulatory lever remains available. The key uncertainty for market participants will be what Treasury considers a “substantial” deposit loss and how Treasury will measure it in practice.
BRCA updates expand exemptions and adjust references
The revised BRCA retains protections aimed at preventing digital-asset developers from being treated as money transmitters or financial institutions under the Bank Secrecy Act. The revision also extends the protections to miners and validators, which were previously excluded.
In addition to expanding who receives the BRCA-style safeguards, the revised text would remove references to Section 1960 of Title 18 of the US Code, which concerns prohibitions on unlicensed money transmitting businesses.
Other revisions in the updated draft would strengthen safeguards around affiliate trading and conflicts of interest at digital commodity exchanges, brokers, and dealers. The bill also clarifies how consumer protection laws apply, signaling an effort to reduce ambiguity around enforcement and market conduct expectations.
These adjustments may matter for builders and network participants because they attempt to narrow the circumstances under which certain parties could face money-transmitter or financial-institution frameworks. Extending protections to miners and validators could reduce regulatory uncertainty for parts of network infrastructure that are often overlooked in traditional compliance debates.
Market odds reflect renewed attention, but the vote is still pending
While the procedural vote has not yet occurred, market-style betting odds have shifted. Polymarket odds for the CLARITY Act passing this year reached 35% on Monday, according to the Polymarket event page, and were described as the highest since late July.
Still, odds trading is not a substitute for Senate arithmetic. What matters most for investors and developers is whether Tuesday’s procedural step clears and whether the Senate can coalesce around the revised ethics and regulatory provisions without further changes.
All eyes will be on the exact mechanics of enforcement—especially how “significant” holdings are defined, how blind trusts are handled, and what Treasury ultimately uses as the threshold for stablecoin reward restrictions. Even with a “final offer” framing, the outcome of the procedural vote will determine how soon stakeholders can plan around a clearer regulatory pathway.
This article was originally published as US Republicans’ ‘final’ CLARITY Act offer to Democrats ahead of key vote on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.