Republicans in the U.S. Senate released the new text of the Clarity Act, the Clarity Act. The document includes a revised ethics proposal agreed with President Donald Trump and incorporates 126 changes requested by Democrats after more than a year of negotiations.

On ethics, Trump accepted about 80% of the senators Tillis and Gallego proposal. The President, Vice President, members of Congress, federal judges, and their spouses will have to divest significant financial interests in cryptoasset companies or place them in a blind trust. It is prohibited to issue or sponsor digital assets. State attorneys general will gain the power to enforce these rules and sue exchanges that list tokens in violation of the law.

The text also changes the Blockchain Regulatory Certainty Act. Software developers who do not control users’ funds are freed from the requirement to register as money transmitters and gain a civil safe harbor. The criminal protections, including under Section 1960, have been removed.

Regarding stablecoin yield, the bill creates a circuit breaker. The Treasury Secretary, Scott Bessent, will be able to intervene if stablecoin rewards lead to a significant outflow of deposits from community banks. This authority lasts for 18 months after the law is enacted. Passive interest on idle balances remains prohibited. Rewards tied to actual usage continue to be allowed.

In Title Ag, which brings together the rules of the Agriculture Committee and the CFTC, the text strengthens safeguards against vertical integration, operations between companies in the same group, and conflicts of interest at digital commodity brokers and dealers. It also makes clear that state consumer protection laws continue to apply.

Republicans call the text the Democrats’ last, best, and final offer. The vote needs 60 votes to end the filibuster and bring the bill to debate; it is scheduled for tomorrow, the 15th. If the motion passes, this new text will enter as a substitute amendment.