Overview
- Senate Republicans released a revised 635‑page CLARITY Act draft on Sept. 13–14 that folded in about 126 Democratic changes to win support for a cloture vote set for Sept. 15.
- The draft forces covered federal officials to divest or use blind trusts for meaningful crypto stakes and gives state attorneys general a civil enforcement role for ethics violations.
- Lawmakers gave the Treasury secretary temporary 'circuit‑breaker' power to restrict stablecoin rewards if those programs cause large deposit outflows from community banks.
- The bill clarifies SEC and CFTC jurisdiction, requires registration for some trading protocols, and preserves civil safe harbors for developers while removing proposed criminal protections.
- Significant opposition from major banking groups and a bipartisan coalition of 17 state attorneys general has left the Sept. 15 cloture vote uncertain and pushed prediction‑market odds higher but still below a majority outcome.