Senate Democrats weigh final GOP offer on CLARITY Act

The revised draft, unveiled by Senators Cynthia Lummis, Tim Scott, and John Boozman, integrates 126 specific amendments requested by Democratic negotiators. Central to the proposal are stricter ethics mandates for federal officials, judges, and lawmakers, including requirements to place substantial crypto-related assets into blind trusts. Republican sponsors claim President Donald Trump has voluntarily accepted these terms, which they describe as among the most rigorous in federal history.

The legislation also introduces a "circuit-breaker" mechanism granting the Treasury Department authority to intervene if stablecoin-linked rewards trigger significant deposit flight from community banks. Treasury Secretary Scott Bessent would spearhead these decisions. Furthermore, the bill clarifies the regulatory landscape by delineating jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission, while providing a civil safe harbor for software developers who maintain no control over customer funds. Notably, the final text omits previous language that would have extended criminal protection to developers under Section 1960.

Senate Majority Leader John Thune has set the cloture vote for 2:15 p.m. Eastern. Success would allow the GOP to introduce the 635-page text as an amendment to the House-passed version of the bill. While the House approved its own iteration in July 2025, the Senate's path remains uncertain, as the inclusion of these late-stage revisions does not guarantee the support of the Democrats who originally requested them.