Senate GOP Releases Final CLARITY Act Draft Ahead of Crucial Vote

Senate Republicans have released the final draft of the CLARITY Act, a bill aimed at regulating the crypto market. The document is 635 pages long and incorporates 126 substantive changes requested by Democrats, according to Senators Cynthia Lummis, John Boozman, and Tim Scott.

The legislation includes requirements for officials to divest significant crypto-related interests or place them in a blind trust, following an agreement between President Donald Trump and Senators Thom Tillis and Ruben Gallego. The final draft also grants the Treasury secretary temporary authority to restrict stablecoin rewards if those rewards cause substantial deposit outflows from community banks.

The bill is set for a cloture vote on September 15, after which it will undergo further review. The Republicans' announcement identifies the document as the final draft released ahead of the vote, and notes that the changes requested by Democrats have been incorporated into the legislation.