Senators Cynthia Lummis, John Boozman, and Tim Scott released the final text of the "Digital Asset Market Clarity Act" (CLARITY Act), spanning 635 pages, before the Senate's vote to end debate on Tuesday (September 15). Lummis stated on social media, "After a year of intense, daily bipartisan negotiations, this bill is ready."

The core new addition in the final text is a revised ethical clause that requires all federally elected officials, judges, and their spouses to divest financial interests linked to digital assets or place them in a blind trust; Lummis called it "one of the strictest ethical restrictions in American history."

The bill also grants state attorneys general new enforcement powers to take action against violations of digital asset issuance bans and exchanges listing banned assets; additionally, it establishes a "safe harbor" provision for blockchain developers, exempting them from traditional currency transfer regulations.

To address concerns from community banks, the bill includes a "circuit breaker" mechanism—authorizing Treasury Secretary Scott Bessent to limit stablecoin yields/rewards if their attractiveness leads to significant deposit outflows from community banks; reports indicate that this version has incorporated over 120 specific demands from Democrats.

However, procedural voting still requires at least 7 Democratic senators' support to reach the 60-vote threshold to end debate; Senate Democratic Leader Schumer convened a party meeting on Sunday evening to discuss the matter, but no results have been disclosed; according to Polymarket's predictive market data, the probability of the bill passing after the release of the updated text is priced at around 30%.

Meanwhile, the U.S. branch of the international anti-corruption watchdog "Transparency International" directly criticized the new ethical clause—its Deputy Executive Director Scott Greytak pointed out that despite months of negotiations and the pressure of the "Trump family earning over $1.4 billion from cryptocurrency business by 2025" disclosure, the bill presented by the Senate majority "does not clearly close the main channels for him to earn this money, nor does it prevent him from continuing to profit in this way"; specifically, the new ethical clause does not require the divestment of commercial profit-sharing agreements, licensing rights, or family-related entities, nor does it prohibit the continued use of his name and likeness for minting and selling new digital assets, and the related ethical clauses will expire in January 2029, erasing accountability for previous violations.

Lummis also warned in her original statement, "Voting against it on Tuesday means opposing real ethical reform regarding politicians' personal investments, ceding America's leadership in the digital asset space to foreign competitors, and leaving the American public unprotected in the digital asset market... Democrats have gotten what they wanted, now they should say 'yes.'"

Source: Public Information