A procedural vote scheduled for Tuesday in the United States Senate will determine whether the Clarity Act advances. Senate Republicans unveiled the complete draft text Monday, one day before the vote.
The legislation includes new ethics provisions targeting federal lawmakers, members of the judiciary, and their immediate family members. The provisions were championed by Senators Thom Tillis and Ruben Gallego. According to reports, President Trump reviewed the ethics components of the bill with his advisers Friday.
The finalized legislation grants the Treasury Secretary expanded powers to address deposit migration related to payment-focused stablecoins. The bill exempts software developers from money transmission licensing obligations and establishes civil liability protections.
Senator Cynthia Lummis, who chairs the Senate Banking Digital Assets Subcommittee, stated that "after a year of intense daily bipartisan negotiations, this bill is ready."
Market Response
Financial markets reacted swiftly to the legislative developments. Coinbase shares surged more than 7 percent to reach $187.76 during Monday's session. Circle Internet advanced 4.35 percent to $94.54. Bullish shares climbed 9.45 percent to $38.44.
Bitcoin appreciated 1.66 percent to $78,113.69. Ethereum increased 0.88 percent to $2,499.50.
Investment analysts identified Coinbase as a primary beneficiary should the legislation succeed, given its operations spanning exchange services, digital asset custody, and stablecoin infrastructure. Compass Point elevated Bullish to a Buy rating and increased its price objective to $51.
Passage of the legislation requires 60 affirmative Senate votes, creating considerable uncertainty around the outcome. Market professionals caution that successful passage could trigger profit-taking after anticipatory buying, while legislative failure would likely inflict the greatest damage on companies most dependent on favorable policy outcomes.
