Senate Republicans released what they described as the final text of the Digital Asset Market Clarity Act late Sunday, two days before the bill’s first test on the Senate floor. Sens. Cynthia Lummis, John Boozman and Tim Scott said the draft incorporates 126 substantive changes requested by Democrats, including on ethics. If senators vote to end debate on Tuesday, the new text would be offered as a substitute amendment.

President Donald Trump agreed to language reflecting a substantive portion of the Tillis-Gallego proposal, which gives state attorneys general a role in enforcing conflict-of-interest rules. The restrictions on sponsoring, issuing or maintaining a significant financial interest in digital assets would apply to public officials and employees, the president, the vice president, members of Congress, judges and their spouses. Officials’ children are not named. Trump’s financial disclosure showed more than $1.4 billion in crypto-related income in 2025. “Democrats got what they wanted; now they need to take yes for an answer,” Lummis said.

This story is an excerpt from the Unchained Daily newsletter.

Cloture takes 60 votes and Republicans hold 53 seats, so at least seven Democrats or independents have to join. A yes only starts debate. Amendments, final passage and House action on the Senate substitute would all have to fit into a few remaining sessions before the Senate’s state work period begins Oct. 5, with Election Day on Nov. 3. House leaders have already canceled the weeks of Sept. 21 and Sept. 28. Lummis said last week that missing this Congress would push Clarity to 2030.

Two other changes carry weight. The Treasury secretary would gain authority to impose a circuit breaker on stablecoin rewards for 18 months after enactment if payment stablecoins start draining deposits from community banks, a concession to a bank lobby that has spent the year pushing to tighten the yield language. The draft also narrows the Blockchain Regulatory Certainty Act to blockchain developers and providers of distributed ledger services, and adds a civil safe harbor. Crypto lawyer Gabriel Shapiro wrote on X that the narrower text no longer shields knowing transmission of criminal proceeds, which held said “expressly and specifically preserves the Roman Storm prosecution theory.”

Republicans circulated a revised draft on Thursday that rewrote the DeFi provisions but left the ethics language untouched. Polymarket most recently put the odds of Clarity being signed into law this year at roughly 32%, on more than $16 million of volume.

Related Listen: Kristin Smith on Why the Clarity Act Comes Down to a Memecoin