Sens. Cynthia Lummis (R-Wyo.), John Boozman (R-Ark.) and Tim Scott (R-S.C.) released the final draft a day before a cloture vote. That vote, which is scheduled for Tuesday (Sept. 15), will determine whether the Clarity Act will proceed to a final Senate vote, according to the release.
The final draft includes 126 changes made at the request of Democrats, including new ethics language that reflects “substantially all” of the Tillis-Gallego ethics proposal, including a role for state attorneys general in enforcement, the release said.
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The draft also gives the Secretary of the Treasury new authority to prevent deposit flight tied to payment stablecoins, per the release.
“President Trump voluntarily agreed to unprecedented ethics restrictions, holding every federally elected official, judge and their spouses to some of the toughest ethics restrictions in U.S. history,” Lummis said in the release. “This text is truly bipartisan and includes more than 120 of Democrats’ demands.”
It was reported Thursday (Sept. 10) that key Democratic senators had said they wouldn’t support the cryptocurrency bill if it doesn’t include an ethics agreement restricting Trump and other senior government officials from profiting from crypto businesses.
In addition, the American Bankers Association, the Independent Community Bankers of America and 77 state banking associations shared a letter with senators urging them to change the Clarity Act’s provisions governing stablecoin interest, yield and rewards programs.
PYMNTS reported Wednesday (Sept. 9) that the Tuesday procedural vote will be a make-or-break vote for the Clarity Act.
AP reported Sunday (Sept. 13) that Sens. Thom Tillis (R-N.C.), Ruben Gallego (D-Ariz.) and several Democrats had said that earlier drafts of the Clarity Act didn’t do enough to prevent conflicts of interest and had called for provisions that would allow state attorneys general to enforce the law.
Trump had already agreed to a provision barring him from issuing meme coins. Tillis and Gallego then proposed provisions requiring Trump to put his crypto holdings in a blind trust and divest when the holdings reach a certain value, AP said in another Sunday report.
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