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Senate Republicans have released a revised 635-page CLARITY Act package ahead of a Sept. 15 procedural vote that will determine whether the crypto market structure bill advances toward Senate consideration.
The Republican offer includes 126 changes requested by Democrats and a new ethics compromise backed by President Donald Trump. Republicans hold 53 Senate seats and generally need 60 votes to invoke cloture, meaning at least seven members of the Democratic caucus would need to support the motion if every Republican votes yes.
Revised Draft Adds 126 Democratic Changes and New Ethics Restrictions
The new text incorporates most of an ethics proposal negotiated by Republican Sen. Thom Tillis and Democratic Sen. Ruben Gallego. It would bar covered federal officials, judges, and their spouses from issuing digital assets and impose restrictions on certain crypto holdings while they are in office.
The proposal also gives state attorneys general a role in enforcing the ethics rules, expanding enforcement beyond the Justice Department. Trump agreed to most of the Tillis-Gallego package before the revised text was released.
635-Page Draft Tightens DeFi and Stablecoin Provisions
The draft also tightens requirements for crypto trading protocols that do not qualify as decentralized finance. Certain platforms would have to register with the Commodity Futures Trading Commission and comply with Bank Secrecy Act requirements, while the DeFi provisions would apply to spot and cash digital commodity transactions.
Stablecoin rewards remain another point of dispute. The bill would allow the Treasury secretary to temporarily restrict certain rewards if payment stablecoins trigger heavy withdrawals from community banks. That authority would last for 18 months after enactment.
September 15 Cloture Vote Generally Requires 60 Senators
Senate Majority Leader John Thune filed cloture before the August recess, setting up the Sept. 15 vote. Invoking cloture would not pass the CLARITY Act or send it to the president. It would move the Senate toward formal consideration of H.R. 3633, where lawmakers could consider the Republican substitute text and further amendments.
The legislation would still require a final Senate vote and potentially further House action if the Senate approves a version that differs from the House-passed bill. The immediate procedural hurdle is therefore the Sept. 15 cloture vote and whether supporters can assemble the 60 votes generally required to advance.
