Treasury Secretary Scott Bessent pressed the Senate on September 14 to support the final CLARITY Act, arguing the legislation would advance U.S. leadership in digital assets while giving Treasury new authority to protect community banks. A procedural Senate vote on the bill is scheduled for September 15.
Ripple CEO Brad Garlinghouse aligned himself with Bessent's case for the legislation the same day, emphasizing that lawmakers made substantial compromises to reach the final version. Garlinghouse argued that senators should support the negotiated deal rather than hold out for a perfect bill.
"This bill isn't just a compromise… It's the product of real, substantive trades policymakers made to get here," Garlinghouse stated, calling on the Senate to "vote yes."
Community Bank Protection and Stablecoin Concerns
Bessent's push for the legislation centers partly on a provision designed to address concerns that payment stablecoins could pull deposits away from community banks. The final draft gives the Treasury secretary new authority intended to respond if deposit flight tied to payment stablecoins begins harming those institutions.
"If stablecoins cause harm to community banks, I will not hesitate to use these tools to ensure they remain fully protected," Bessent stated, framing digital asset support and community bank protection as compatible policy goals.
Significant Policy Compromises
The final CLARITY Act draft incorporates 126 substantive changes requested by Democrats, according to Republican senators. These revisions cover ethics enforcement, digital asset oversight, decentralized finance, banking provisions, developer protections, and other regulatory areas.
Ethics provisions became another central area of compromise before the vote. The final proposal expands restrictions involving federal officials' digital asset interests and gives state attorneys general an enforcement role. Changes to token classifications, issuer requirements, SEC and CFTC oversight, and anti-money laundering provisions were also included in the negotiations.
The Senate's next step is procedural. Cloture on the motion to proceed to H.R. 3633 will be voted on at 2:15 p.m. September 15. Approval would move the Senate toward formal consideration of the legislation rather than send the bill directly to the president.
