Senator Cynthia Lummis has released the final version of the CLARITY Act with major new ethics rules and more than 120 demands from Democrats just one day before the crucial September 15 Senate vote.
President Trump has also agreed to tougher ethics restrictions, while the odds of the bill passing have jumped to 44%.
Key Changes in The Final Draft of the CLARITY Act
On September 14, 2026, Senator Cynthia Lummis, along with Senators John Boozman and Tim Scott, released the final 635-page CLARITY Act. The bill follows more than a year of bipartisan talks and includes 126 major changes requested by Democrats.
The final draft makes several major changes compared with earlier versions. Here are the top changes.
- Stronger Ethics Rules
President Trump voluntarily agreed to unprecedented ethics restrictions in the final draft. It adopts around 80% of the Tillis-Gallego proposal, requiring federal lawmakers, judges, and their spouses to either sell major crypto holdings or place them in a blind trust.
The bill also gives state attorneys general a role in enforcing the rules and includes more than 120 changes requested by Democrats.
- Stablecoins and Bank Deposits
The final draft adds a “circuit breaker” that would let the Treasury Secretary step in if large amounts of bank deposits move into stablecoins. It is designed to protect community banks, farmers, and small businesses that rely on these banks.
- More Protection for Developers
The bill also changes the Blockchain Regulatory Certainty Act (BRCA) to protect blockchain developers from having to register as money transmitters in some cases. It also gives them a civil safe harbor, offering protection from certain legal claims.
Meanwhile, the new developer protections do not reduce the CFTC’s power over derivatives markets or change rules for prediction markets.
- New Consumer Protections
Agriculture Committee provisions add stricter rules on affiliate trading and conflicts of interest involving digital commodity exchanges, brokers, and dealers. These rules aim to protect customers when companies handle different parts of the market.
The bill also makes clear that state consumer protection laws still apply, while developer protections do not exempt anyone from the CFTC’s existing derivatives laws or rules for prediction markets.
CLARITY Act Faces Crucial Senate Vote, Odds Jump to 44%
With the biggest hurdle addressed in the new final draft, the CLARITY Act now faces a key procedural vote on Tuesday. The bill needs 60 votes to advance, as it will need support from Democrats in addition to the 53 Republicans in the Senate.
Senator Lummis said a “no” vote would mean rejecting new ethics rules, risking U.S. leadership in digital assets, and leaving Americans without stronger market protections.
“Democrats got what they wanted; now they need to take yes for an answer.”
However, after the final draft was released, the odds of the CLARITY Act passing have improved. Kalshi traders now see a 44% chance of passage, up from 18% earlier.
