CLARITY Act Nears Breakthrough as Republicans Unveil ‘Last, Best and Final Offer’

Senate Republicans have released a revised version of the CLARITY Act ahead of a cloture vote, offering changes aimed at winning Democratic support. Attention has focused on whether the revisions can unlock a last-minute deal after President Donald Trump accepted a substantial portion of proposed rules to curb digital-asset conflicts of interest.

Eleanor Terrett, host of Crypto In America, reported on September 14 that Senate Republicans had unveiled new provisions before the September 15 cloture vote on the CLARITY Act. She said Republicans described the amendment as their “last, best and final offer” to Democrats.

The biggest change is an ethics provision that would limit digital-asset conflicts of interest for public officials. Trump accepted about 80% of an ethics proposal put forward by Republican Senator Thom Tillis and Democratic Senator Ruben Gallego. Under the revision, public officials with sizable digital-asset-related financial interests would have to divest those holdings or place them in a blind trust. The proposal also would allow state attorneys general to enforce the rules.

Lawmakers also added a compromise on stablecoin yields. The measure would create a type of circuit breaker allowing federal regulators to intervene if there are signs of large-scale deposit outflows from community banks into stablecoins. Treasury Secretary Scott Bessent would determine whether that intervention should be triggered.

The revision also changes provisions related to the Blockchain Regulatory Certainty Act, or BRCA, including developer protections and language covering the jurisdiction of the Agriculture Committee.

The full text of the amendments is available on Senator Cynthia Lummis's website.