Senate GOP Unveils "Final" Digital Asset Market Clarity Act Text; Trump Backs Most Ethics Provisions

Senate Republicans late Sunday released what they called the final draft text of the Digital Asset Market Clarity Act (H.R. 3633), saying it reflects 126 substantive changes sought by Democrats. The text was published ahead of a scheduled cloture vote Tuesday; if cloture is invoked, the draft would be offered as a substitute amendment. Former President Donald Trump agreed to most of the proposed ethics language in the package. The requirements would apply to public officials and employees, including those elected president, vice president, or to Congress, as well as their spouses. The bill does not impose limits on other family members, such as children. The proposal also gives state attorneys general a role in enforcing conflict-of-interest rules for public officials, a provision some Democrats had demanded as a condition for backing the measure. Trump's financial disclosure reported more than $1.4 billion in crypto-related income in 2025, spanning ventures including World Liberty Financial, the USD1 stablecoin and the TRUMP memecoin. On stablecoins, the draft would authorize the Treasury secretary to impose an 18-month circuit breaker on stablecoin rewards after enactment if payment stablecoins prompt substantial withdrawals from community banks. The measure would restrict platforms from paying interest on idle stablecoin balances while still allowing rewards tied to stablecoin usage. The American Bankers Association said the rewards language is unclear and contradictory, warning it could invite legal challenges and add uncertainty. The draft would also amend the Blockchain Regulatory Certainty Act to narrow money-transmission registration requirements for certain software developers, add a civil safe harbor, and impose Agriculture Committee guardrails on affiliate trading and conflicts of interest. It further clarifies when state consumer-protection laws apply. Patrick Witt said the time has come to pass the bipartisan bill after more than a year of negotiations. Tuesday, Sept. 15, marks the first procedural test: the cloture vote requires 60 senators. Republicans hold 53 seats, meaning at least seven Democrats or independents would need to join them if all Republicans vote yes. Even if cloture succeeds, it would only open debate and would not complete the amendment process, final Senate passage, or House action. The Senate's tentative 2026 calendar shows a state work period beginning Oct. 5, with Election Day on Nov. 3. House leaders have canceled the weeks of Sept. 21 and Sept. 28. Sen. Cynthia Lummis warned that failure to pass the bill in this Congress could push enactment to 2030, costing years of jobs, investment and tax revenue. On Polymarket, the implied odds of passage this year rose to 32% from about 22% after the latest text was released.