The US crypto market structure bill is heading into a decisive week after Senate Republicans circulated a revised CLARITY Act and the White House accepted key parts of a bipartisan ethics proposal designed to win Democratic support.
President Donald Trump agreed to roughly 80% of an ethics framework negotiated by Republican Senator Thom Tillis and Democratic Senator Ruben Gallego, the Associated Press reported.
The concessions include stronger conflict-of-interest restrictions and new enforcement powers for state attorneys general.
The changes arrive just before the Senate’s first procedural vote on September 15. The cloture motion is scheduled for approximately 2:15 p.m. and requires 60 votes to advance the bill. Republicans cannot reach that threshold alone, making Democratic support critical.
White House Accepts Most of Bipartisan Ethics Proposal
Ethics rules have become one of the biggest obstacles to advancing the Digital Asset Market Clarity Act.
The dispute centers on whether senior government officials and their families should be allowed to profit from crypto businesses while holding office, and who should enforce those restrictions.
Trump has now accepted most of the Tillis-Gallego proposal, including allowing state attorneys general to enforce parts of the ethics provisions alongside the US Department of Justice. State officials could potentially bring cases involving exchanges that list digital assets prohibited under the legislation.
The proposal also includes stronger rules surrounding significant crypto financial interests, including potential requirements involving divestment or blind trusts.
The agreement marks a significant change from earlier negotiations, when several Democrats said the Republican draft did not go far enough on ethics, consumer protection, illicit finance, conflicts of interest and market integrity.
However, the White House agreement does not guarantee that enough Democrats will support Tuesday’s procedural vote.
Republicans Release Revised CLARITY Act Before Vote
Senate Republicans have also circulated an updated version of the bill ahead of the September 15 vote.
The roughly 635-page draft contains changes addressing decentralized finance (DeFi), credit unions and the role of the Commodity Futures Trading Commission (CFTC).
Under the revised language, certain DeFi systems that are not sufficiently decentralized could be required to register with the CFTC and comply with Bank Secrecy Act requirements. The draft also clarifies that those provisions focus on spot and cash digital commodity transactions, not prediction markets.
The bill also gives credit unions greater clarity around their ability to participate in digital asset activities.
These changes build on months of negotiations between Republicans and Democrats. According to Republican lawmakers, the latest draft incorporates more than 100 Democratic provisions, although several disagreements remained unresolved before the latest ethics compromise.
Stablecoin Yield Remains a Major Dispute
Ethics is not the only issue that could determine whether the CLARITY Act advances.
Stablecoin rewards and yield remain a major source of disagreement between the crypto and banking industries.
Banks have pushed lawmakers to restrict platforms from offering rewards that resemble interest on deposits, arguing that widespread stablecoin yield could pull money away from traditional bank accounts.
Earlier Senate language sought to prohibit rewards that are economically or functionally equivalent to deposit interest while continuing to allow incentives tied to activities such as transactions and trading.
Banking groups have continued to call for tighter restrictions, while crypto companies argue that overly broad rules could limit legitimate stablecoin uses.
The issue could remain subject to amendments even if senators agree to move the bill to the floor.
Democrats Become Critical to the September 15 Vote
The September 15 vote is procedural and moves the bill forward for debate. It is not a final vote on whether the CLARITY Act becomes law.
Sixty senators must vote for cloture on the motion to proceed. The Senate’s official schedule lists the vote for 2:15 p.m. Tuesday.
Several Democrats involved in crypto legislation have said they want a bipartisan market structure framework but have demanded stricter rules on ethics, consumer protection, and illicit finance.
Senators including Gallego, Mark Warner and Angela Alsobrooks were among a group that said in July the Republican proposal needed stronger safeguards, while also saying they intended to continue negotiations.
The White House’s willingness to accept much of the bipartisan ethics proposal could therefore remove one of the biggest barriers to negotiations, but stablecoin rules and other provisions could still affect the final vote count.
What Would the CLARITY Act Change?
The CLARITY Act is intended to establish a clearer federal regulatory framework for digital assets in the United States.
A central part of the legislation is defining how oversight is divided between the Securities and Exchange Commission (SEC) and the CFTC.
Digital commodities and trading platforms operating in those markets would generally fall under greater CFTC oversight, while assets that continue to meet securities requirements would remain under SEC jurisdiction.
The legislation also addresses crypto exchange registration, anti-money laundering requirements, tax reporting, decentralized protocols and rules governing digital asset issuers.
The House passed an earlier version of the CLARITY Act in July 2025 by a 294-134 vote. Since then, senators have spent more than a year negotiating a Senate version that can attract the bipartisan support required to overcome a filibuster.
September 15 Vote Is Only the First Senate Test
Even if the cloture vote succeeds, the legislation would still have several steps ahead.
A successful vote would allow the Senate to move forward with debate and potential amendments. Senators could continue negotiating issues such as ethics enforcement, stablecoin rewards, and DeFi requirements before voting on final passage.
The Senate version would also need to be reconciled with the legislation already passed by the House if the two chambers approve different text.
What Comes Next
The immediate focus is whether Republican leaders can secure the 60 votes required to advance the CLARITY Act on September 15.
The latest ethics agreement improves the bill’s chances by addressing one of Democratic negotiators’ main demands. The White House’s acceptance of state-level enforcement and stronger conflict-of-interest restrictions gives lawmakers more room to keep negotiating rather than letting the bill fail at its first floor hurdle.
Stablecoin yield rules, DeFi regulation and other consumer protection provisions could still determine how many Democrats ultimately vote to proceed.
If cloture succeeds, the debate shifts from whether the Senate will consider the bill to what changes lawmakers demand before final passage.
What this means for you: The September 15 vote does not make the CLARITY Act law, but clearing the 60-vote threshold would be one of the strongest signs that this comprehensive US crypto market structure legislation has enough bipartisan support to move toward a final Senate vote.
