U.S. Senate Republicans have released revised text for the Crypto Market Clarity bill, calling it their "last, best, and final" offer to Democrats before a cloture vote set for Tuesday. The updated draft includes an ethics framework approved by Trump and changes covering the Blockchain Regulatory Certainty Act, stablecoin yield provisions, and the so-called Ag clause.
Revised text narrows BRCA and adds stablecoin circuit breaker
Under the new language, the scope of the Blockchain Regulatory Certainty Act, or BRCA, is narrowed to Bank Secrecy Act matters and civil enforcement. Protections for criminal cases were removed, including cases prosecuted under Section 1960.
The ethics framework requires relevant individuals to divest "substantial" crypto interests or place them in a blind trust. It also allows state attorneys general to enforce the rules.
The stablecoin yield section adds a "circuit breaker" mechanism. If there are signs of large-scale movement of community bank deposits into stablecoins, federal regulators can step in, with Treasury Secretary Scott Bessent serving as the final decision-maker.
The Ag provision also adds limits related to vertical integration, affiliated transactions, and conflicts of interest involving digital commodity exchanges, brokers, and dealers. The revised text says state consumer protection laws still apply, developer protections do not create an exemption from derivatives law, and the provision does not affect prediction markets.
Democrats to meet before Tuesday procedural vote
Senate Minority Leader Chuck Schumer is expected to hold a Democratic caucus meeting on Sunday night to discuss the CLARITY Act ahead of a procedural vote planned for Tuesday.
The outcome remains uncertain. About 12 Democratic senators have been negotiating the bill for months, but three categories of issues remain unresolved. The most important one centers on crypto ethics rules for government officials. Democrats want to limit President Trump from profiting through his family’s crypto businesses, while Republicans argue Democrats should first vote to move the bill forward and continue negotiations during Senate consideration.
Strategy held Bitcoin steady and repurchased STRC shares
In an 8-K filed on Sept. 14, Strategy said that from Sept. 8 to Sept. 13 it did not sell any shares under its ATM program and did not buy or sell Bitcoin.
As of Sept. 13, the company held about 845,050 BTC acquired at a total cost of about $63.73 billion, or roughly $75,412 per Bitcoin on average.
During the same period, Strategy used $139.3 million in cash to repurchase about 1.4205 million STRC shares. As of Sept. 13, its dollar reserves and USD Cash stood at $5.1 billion and $1.3 billion, respectively.
Vitalik Buterin links adversarial governance design to AI safety
Vitalik Buterin said adversarial governance mechanism design could be an important area of application for AI safety.
He said the two settings share a similar problem: a weaker principal needs to obtain a desirable outcome from a group of more capable agents. In traditional governance, the principal is a static algorithm and the agents are humans. In AI safety, the principal is made up of humans and weaker large language models, while the agents are stronger LLMs.
According to Buterin, systems can often produce better outcomes if the degree of collusion among agents can be limited. He also cited an argument that future AI constraints may look less like a technical sandbox and more like an institutional framework with rules, permissions, adjudication, and record-keeping.
BitMine lifts ETH holdings to 5.96 million
BitMine said it added 27,180 ETH over the past week, taking its total holdings to 5.96 million ETH as of Sept. 13. That amount represents about 4.9% of Ethereum’s 122 million circulating supply. The company said it has now completed about 98% of its goal of holding 5% of the network’s ETH.
About 5.07 million ETH, or roughly 85% of its holdings, has been staked. BitMine also disclosed that the combined value of its crypto assets, cash, marketable securities, and other investments was about $15.8 billion.