Senate Republicans released revised CLARITY Act text Sunday, calling it their “last, best and final” offer to Democrats ahead of Tuesday’s cloture vote. The new language includes a Trump-agreed ethics proposal, described by a GOP aide as accepting roughly 80% of the Tillis-Gallego framework, requiring Trump to either divest substantial crypto holdings or place them in a blind trust, while also allowing state attorneys general to enforce ethics rules, a concession the White House had previously resisted. Other changes include narrowing the Blockchain Regulatory Certainty Act to Bank Secrecy Act civil enforcement only, removing criminal case protections; adding a “circuit breaker” allowing Treasury Secretary Scott Bessent to intervene if stablecoins trigger mass deposit flight from community banks; and tightening rules around vertical integration and conflicts of interest for digital commodity exchanges, while preserving state consumer protection laws.
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