Senate Republicans released the final draft of the Digital Asset Market Clarity Act late Sunday, setting up a pivotal cloture vote on Tuesday, Sept. 15. Senators Cynthia Lummis, John Boozman, and Tim Scott published the text, which incorporates 126 substantive changes requested by Democrats. If cloture is invoked, the new version will be offered as a substitute amendment.
The draft includes much of the Tillis-Gallego ethics proposal, giving state attorneys general a role in enforcing conflict-of-interest rules for public officials. President Donald Trump has largely agreed to the proposed ethics language, according to AP. The ethics restrictions would apply to the President, Vice President, members of Congress, their spouses, and other federal officials and employees, though they would not explicitly cover other family members such as children.
The legislation comes amid scrutiny of Trump’s crypto-related businesses, including World Liberty Financial, the USD1 stablecoin, and the TRUMP memecoin. Trump’s financial disclosure reportedly showed more than $1.4 billion in crypto-related income in 2025, raising conflict-of-interest questions as his administration shapes industry rules. Lummis said Trump “voluntarily agreed to unprecedented ethics restrictions,” adding: “Democrats got what they wanted; now they need to take yes for an answer.”
The draft also grants the Treasury secretary authority to impose an 18-month circuit-breaker on stablecoin rewards if payment stablecoins trigger substantial deposit outflows from community banks. Banks have sought tighter language on stablecoin yields, with the American Bankers Association warning that the current stablecoin rewards section is “unclear and even contradictory” and could lead to legal challenges.
Other provisions would narrow money-transmission registration for certain software developers, add a civil safe harbor, impose Agriculture Committee guardrails on affiliate trading and conflicts of interest, and clarify state consumer protection laws. The bill faces a narrow window: the Tuesday procedural vote requires 60 senators, and the Senate’s tentative 2026 schedule leaves only a few session weeks before the midterm campaign period. After the text release, Polymarket odds for Clarity passing this year rose from around 22% to 32%.
