Senate Republicans released an updated draft of the Digital Asset Market Clarity Act on Sunday night, incorporating changes designed to address Democratic concerns on ethics and other provisions. The vote is scheduled for Tuesday.
The revised 635-page draft includes several substantive changes. It would allow state attorneys general to enforce prohibitions on issuing digital assets and take action against exchanges listing banned assets. The bill also establishes new ethics requirements for covered individuals, who would be required to divest crypto-linked financial interests or place them in a blind trust.
The updated language creates a safe harbor for blockchain developers, shielding them from money transmission requirements. The draft also introduces a "circuit breaker" provision that would give the Treasury Secretary authority to restrict stablecoin rewards in cases of large deposit flight.
Senator Cynthia Lummis characterized the draft as the final version, stating it reflects "unprecedented ethics restrictions" for federally elected officials, judges, and their spouses. She warned that rejecting the measure would mean "opposing real ethics reforms on politicians' personal investments" and ceding digital asset leadership to foreign competitors.
Despite the revisions, Democratic support remains uncertain. Senate Minority Leader Chuck Schumer convened a caucus discussion on Sunday evening, though no public details emerged from the meeting.
The changes were sufficient to raise the bill's passage odds to 30% on prediction market platforms, reversing earlier assessments that the legislation had stalled.
