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On September 14, crypto journalist Eleanor Terrett reported that U.S. Senate Republican members unveiled a revised text of the CLARITY Act, which includes ethical amendments approved by Trump. The new version also adjusts provisions related to the Blockchain Regulatory Certainty Act (BRCA), stablecoin earnings, and the so-called 'Ag clause.' The Republicans described this as the 'last, best, and final' proposal presented to the Democrats ahead of a procedural vote on Tuesday. Regarding BRCA, the new text narrows the scope of relevant provisions to the Bank Secrecy Act and civil enforcement, removing language that would extend protections to criminal cases, including lawsuits filed under the '1960 clause.' In terms of ethical provisions, Trump agreed to about 80% of the Tillis-Gallego proposal, which includes requirements for relevant individuals to sell 'substantial' crypto-related financial interests or place them in blind trusts, while allowing state attorneys general to participate in the enforcement of ethical provisions, a stance previously opposed by the White House. For stablecoin earnings, the new text introduces a 'circuit breaker' mechanism proposed by Senator Tillis in July, allowing federal regulators to intervene if there are signs of large-scale deposits from community banks flowing into stablecoins, with Treasury Secretary Yellen responsible for related determinations. The revised text further strengthens restrictions on vertical integration concerning related transactions and conflicts of interest involving digital goods trading platforms, brokers, and dealers, while clarifying that state consumer protection laws still apply and that developer protections will not constitute exemptions under derivatives law, nor will they affect prediction markets.

On September 14, crypto journalist Eleanor Terrett reported that US Senate Republicans have released a revised text of the CLARITY Act, incorporating ethical amendments approved by Trump, while also adjusting provisions related to the Blockchain Regulatory Certainty Act (BRCA), stablecoin yields, and the so-called 'Ag clause.' The Republicans claim this is the 'last, best, and final' proposal presented to the Democrats ahead of a procedural vote on Tuesday. Regarding the BRCA, the new text narrows the scope of relevant provisions to the Bank Secrecy Act and civil enforcement, removing language that would extend protections to criminal cases, including lawsuits filed under the '1960 clause.' In terms of ethical provisions, Trump agreed to about 80% of the Tillis-Gallego proposal, which includes requirements for relevant individuals to sell 'substantial' crypto-related financial interests or place them in blind trusts, while allowing state attorneys general to participate in the enforcement of ethical provisions, a stance previously opposed by the White House. For stablecoin yields, the new text introduces a 'circuit breaker' mechanism proposed by Senator Tillis in July, allowing federal regulators to intervene if there are signs of large-scale deposits from community banks flowing into stablecoins, with Treasury Secretary Yellen responsible for related determinations. In the case of the 'Ag clause,' the revised text further strengthens restrictions on vertical integration, including related transactions and conflicts of interest involving digital goods trading platforms, brokers, and dealers, while clarifying that state consumer protection laws still apply, and stipulating that developer protections will not constitute exemptions under derivatives law, nor will they affect prediction markets.

On September 14, crypto journalist Eleanor Terrett reported that U.S. Senate Republicans unveiled a new version of the CLARITY Act, incorporating ethical amendments approved by Trump. The revisions also adjust the Blockchain Regulatory Certainty Act (BRCA), stablecoin revenues, and the so-called 'Ag clause.' The Republicans described this as the 'last, best, and final' proposal presented to Democrats ahead of a procedural vote on Tuesday. Regarding the BRCA, the new text narrows the scope of relevant provisions to the Bank Secrecy Act and civil enforcement, removing language that would extend protections to criminal cases, including lawsuits filed under the '1960 clause.' In terms of ethical provisions, Trump agreed to approximately 80% of the Tillis-Gallego proposal, which includes requirements for relevant individuals to sell 'substantial' crypto-related financial interests or place them in blind trusts, while allowing state attorneys general to participate in the enforcement of ethical provisions, a stance previously opposed by the White House. For stablecoin revenues, the new text introduces a 'circuit breaker' mechanism proposed by Senator Tillis in July, allowing federal regulators to intervene if there are signs of large-scale deposits from community banks flowing into stablecoins, with Treasury Secretary Yellen responsible for related determinations. The revised text further strengthens restrictions on vertical integration regarding related transactions and conflicts of interest involving digital commodity trading platforms, brokers, and dealers, while clarifying that state consumer protection laws still apply, and that developer protections will not constitute exemptions under derivatives law nor affect prediction markets.