Lummis Pushes Final Clarity Act Draft Before Tuesday Vote

Senate lawmakers have shared what they call the final text of the Digital Asset Market Clarity Act. Senator Cynthia Lummis and her colleagues added 126 changes to the bill to address concerns from Democrats. The updated proposal includes new ethics requirements that apply to the president, vice president, members of Congress, and judges, including their spouses. These changes aim to settle conflict of interest issues involving crypto holdings for public officials.

The bill faces a critical test this Tuesday when the Senate votes to end debate. Republicans hold 53 seats, so they need at least seven Democrats or independents to join them to reach the 60 votes required to move forward. If the cloture vote succeeds, the bill will move toward potential amendments and final passage before the Senate begins its break on October 5.

This final draft includes a few significant adjustments beyond the ethics rules. The Treasury secretary can now implement an 18 month circuit breaker on stablecoin rewards if they hurt community bank deposits. The text also clarifies rules for blockchain developers, specifically narrowing protections to ensure they do not shield the movement of criminal proceeds.

Time is running out for the bill to become law before the November elections. With House sessions being canceled and a narrow legislative window remaining, Senator Lummis has signaled that failing to act during this session could delay federal crypto regulation for years. Traders are closely watching the vote, as market predictions currently place the odds of the bill passing this year at around 32 percent.