U.S. Senate Republicans have released a revised text of the Clarity Act, according to journalist Eleanor Terrett, with updates covering crypto ethics rules, stablecoin yield provisions, the Blockchain Regulatory Certainty Act, and language tied to the Agriculture Committee. Republicans described the draft as their "last, best, and final" offer to Democrats before debate and voting wrapped on Tuesday.
The new text narrows BRCA protections to the Bank Secrecy Act and civil enforcement, removing language that would have extended those protections to criminal cases. On ethics, Donald Trump reportedly agreed to about 80% of the Tillis-Gallego proposal, including requirements to divest "significant" crypto-related financial interests or place them in a blind trust. The draft also allows state attorneys general to help enforce the ethics rules.
For stablecoin yield, the bill adds a "circuit breaker" mechanism. Federal regulators could step in if there is evidence of large-scale migration of community bank deposits into stablecoins, with Treasury Secretary Scott Bessent holding the final decision. The Agriculture Committee language also tightens limits on vertical integration, related-party transactions, and conflicts of interest, while stating that state consumer protection laws would still apply.
U.S. Senate Republicans have released a revised text of the Clarity Act, journalist Eleanor Terrett reported, with changes covering a Trump-approved ethics proposal, the Blockchain Regulatory Certainty Act, stablecoin yield, and Agriculture Committee provisions.
Republicans said the text was their "last, best, and final" offer to Democrats before debate and voting concluded on Tuesday.
BRCA language was narrowed
The revised draft limits BRCA protections to the Bank Secrecy Act and civil enforcement. It removes language that would have extended those protections to criminal cases.
Ethics proposal includes divestment or blind trust requirements
On ethics, Trump reportedly agreed to about 80% of the Tillis-Gallego proposal. The provisions include a requirement to divest "significant" crypto-related financial interests or place those interests into a blind trust, and they allow state attorneys general to participate in enforcing the ethics rules.
Stablecoin yield section adds a circuit breaker
The stablecoin yield section adds a "circuit breaker" mechanism. If there is evidence of large-scale movement of community bank deposits into stablecoins, federal regulators would be able to intervene. Treasury Secretary Scott Bessent would make the final determination.
Agriculture Committee provisions tighten restrictions
The Agriculture Committee-related language strengthens restrictions on vertical integration, related-party transactions, and conflicts of interest. It also makes clear that state consumer protection laws would remain applicable.
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