US Senate Republicans release new crypto bill text ahead of critical vote

On September 14, U.S. Senate Republicans unveiled a revised draft of the Clarity Act, a major cryptocurrency legislation bill. The updated text aimed to address concerns from both Democrats and the banking industry before a crucial vote scheduled for Tuesday. The Clarity Act, which creates a regulatory framework for cryptocurrencies, was previously stalled due to disagreements over sufficient ethics and illicit finance safeguards.

Republican senators Cynthia Lummis, John Boozman, and Tim Scott stated that the new draft incorporated 126 changes in response to Democrats' demands. However, it remains uncertain whether the bill has enough support to pass the required 60 votes needed for a key procedural vote on Tuesday. The banking industry has not yet expressed a definitive stance on the revised text, but it remains opposed to the bill.

Democrats met on Sunday night to discuss the new text but it is unclear if the language would sway any votes. Senate Republicans emphasized that this bill is ready following a year of intense bipartisan negotiations, stating that Democrats got what they wanted and must now support it. The new version of the bill also includes stricter restrictions on public officeholders profiting from their own crypto ventures, particularly in response to concerns over President Donald Trump's World Liberty Financial, which his sons manage.

The bill now bans political officials from profiting off their own crypto ventures and grants state attorneys general more power to enforce these restrictions.