Senate Republicans released a revised, 635-page Digital Asset Market Clarity Act carrying 126 concessions to Democrats ahead of a September 15 cloture vote. Republicans hold 53 seats and need 60 to advance the bill, while new text stripping developer protections has drawn accusations of a last-minute rug pull.
Senate Republicans dropped the 635-page revised Digital Asset Market Clarity Act over the weekend, packing in 126 substantive changes Democrats had requested. Senators Cynthia Lummis, John Boozman and Tim Scott released the final text on September 13-14, capping more than a year of bipartisan negotiations. The cloture vote is scheduled for September 15, and Republicans hold 53 seats but need 60 to clear the procedural hurdle.
Ethics, stablecoins and CFTC registration revised
The 126 revisions touch three areas Democrats had flagged as deal-breakers: ethics rules for federal officials, stablecoin oversight and trading-protocol registration. The bill now requires any federal official holding $15,000 or more in token-issuing businesses to divest those holdings or place them in a blind trust, with state attorneys general empowered to enforce it.
A "circuit breaker" authority lets the Treasury Department regulate reward and incentive programs from payment stablecoin issuers if they threaten to pull deposits from community banks. A third pillar requires decentralized and semi-decentralized trading platforms to register with the Commodity Futures Trading Commission.
Trump backs ethics provisions
Senator Lummis said President Trump had voluntarily agreed to provisions restricting the freedom of speech and expression of federally elected officials, judges and their spouses. According to CoinGape, Lummis added: "Democrats got what they wanted; now they need to take yes for an answer." After Trump's agreement, crypto market structure bill approval odds surpassed 30% on prediction market platforms.
Developers call new text a rug pull
The revised bill has also drawn backlash over developer liability. The updated Blockchain Regulatory Certainty Act language inside the bill strips out proposed Section 1960 protections, leaving developers with regulatory exemptions but less certainty against criminal prosecution. One user on X, Andre Omietanski, called the change a rug pull.
Despite the 126 changes, Democratic leadership remains publicly unsatisfied, citing inadequate consumer protection and market integrity safeguards. Republicans need at least seven Democrats to cross the aisle for cloture to succeed. If the vote fails, comprehensive digital asset legislation could be shelved until after the 2026 midterms.
Sources: CoinGape, Crypto Briefing
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