Republican Senators Expand Clarity Act Ethics Rules Ahead of Make-or-Break Vote
Three Republican Senators released a final draft of the Clarity Act Monday (Sept. 14), saying in a press release that the bill includes new ethics language and measures to prevent deposit flight tied to payment stablecoins. Sens. Cynthia Lummis (R-Wyo.), John Boozman (R-Ark.) and Tim Scott (R-S.C.) released the final draft a day before a […] The post Republican Senators Expand Clarity Act Ethics…
Three Republican Senators have released the final draft of the Clarity Act on September 14, with a focus on adding new ethics language and measures to prevent the flight of deposits tied to payment stablecoins. The bill, which is set to be voted on Tuesday, Sept. 15, for a cloture vote, includes 126 changes made in response to Democratic demands.
Sens. Cynthia Lummis, John Boozman, and Tim Scott announced the final draft just ahead of the vote, noting that it incorporates over 120 of the Democrats' requests. The final draft expands the role of state attorneys general in enforcement and empowers the Secretary of the Treasury to prevent deposit flight related to payment stablecoins.
President Trump agreed to stringent ethics restrictions, making this bill one of the most stringent in U.S. history. The American Bankers Association, the Independent Community Bankers of America, and 77 state banking associations have all urged senators to revise the bill's provisions regarding stablecoin rewards and yield programs.
The make-or-break procedural vote on Tuesday will determine whether the Clarity Act proceeds to a final Senate vote.
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