Senate Republicans Release Final Clarity Act Draft With Tougher Ethics Rules, Cloture Vote Set for Tuesday

Senate Republicans released what they called their "last, best and final offer" on the Digital Asset Market Clarity Act on Sunday, ahead of a critical procedural cloture vote scheduled for Tuesday, September 15. The revised 635-page bill wins President Trump's backing after he agreed to tougher ethics provisions he had previously resisted, including requirements for divestment or blind trusts for senior government officials with crypto interests, state attorney general enforcement authority, and no sunset date on the ethics rules.

Other key changes in the final draft include modifications to the Blockchain Regulatory Certainty Act, dropping criminal-prosecution protections, added stablecoin "circuit breaker" language intended as an emergency brake for banks concerned about deposit flight, and concessions on DeFi and stablecoin sticking points. Platforms are barred from paying interest on idle stablecoin holdings, but rewards tied to stablecoin usage remain permitted.

The bill faces a steep path in Tuesday's cloture vote, which requires 60 senators. Republicans hold 53 seats, meaning at least seven Democrats or independents must cross over to begin debate. Senator Lummis argued that Democrats had received the concessions they sought and should now support the measure. Coinbase CEO Brian Armstrong voiced public support ahead of the vote. Galaxy's Alex Thorn, reflecting cautious industry optimism, raised his odds of passage in 2026 from 10% to 25%, citing the tight calendar as the primary remaining risk.

Crypto stocks rose on the news of the final draft addressing ethics restrictions. Bitcoin was also bracing for separate volatility tied to the Federal Reserve's September 15-16 FOMC meeting, where CME FedWatch data showed 86.5% of investors pricing in a 25-basis-point rate hike, which would be the Fed's first rate increase in three years.