Senate Republicans release 'final' Clarity Act draft as Trump accepts most ethics rules

Senate Republicans released a draft of the Digital Asset Market Clarity Act, H.R. 3633. They described the draft as final. The draft incorporates 126 substantive changes requested by Democrats. The senators released the text late Sunday night ahead of a scheduled cloture vote on Tuesday. If cloture is invoked, the text would be offered as the substitute amendment. Trump agreed to most of the proposed ethics language. The ethics requirements would cover public officials and employees. They would cover people elected as president, vice president, or members of Congress. They would cover those officials' spouses. The bill does not set limits on other family members such as children. The proposal would give state attorneys general a role in enforcing conflict-of-interest rules for public officials. Some Democrats had made that language a condition for supporting the measure. Trump's financial disclosure showed more than $1.4 billion in crypto-related income in 2025. The disclosure covered crypto-related businesses including World Liberty Financial, the USD1 stablecoin, and the TRUMP memecoin. The draft would give the Treasury secretary authority to impose an 18-month circuit breaker on stablecoin rewards after enactment. The authority would apply if payment stablecoins trigger substantial withdrawals from community banks. The bill would limit platforms from paying interest on idle stablecoin holdings. It would still allow rewards for stablecoin usage. The American Bankers Association said the stablecoin rewards section was unclear and contradictory. The association said adoption would lead to legal challenges and more uncertainty. The draft would amend the Blockchain Regulatory Certainty Act to narrow money-transmission registration for certain software developers. It would add a civil safe harbor. It would impose Agriculture Committee guardrails on affiliate trading and conflicts of interest. It would clarify when state consumer-protection laws apply. Patrick Witt said it was time to pass the bipartisan bill after more than a year of negotiations. The first procedural test is a vote on Tuesday, Sept. 15. The vote requires 60 senators. Republicans hold 53 seats. At least seven Democrats or independents would need to join Republicans if all 53 Republicans vote yes. Cloture would begin debate but would not complete the amendment process, final passage, or House action. The Senate's tentative 2026 schedule shows a state work period beginning Oct. 5. Election Day is Nov. 3. House leaders canceled the weeks of Sept. 21 and Sept. 28. Lummis said failure to pass the bill this Congress would delay passage until 2030. She said the delay would cost years of jobs, investment, and tax revenue. Polymarket showed the odds of passage this year rising from around 22% to 32% after the latest text was released.