Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis (R-Wyoming) released an updated version of the Digital Asset Market Clarity Act, commonly referred to as the CLARITY Act, on Thursday as the Senate prepared for a procedural vote scheduled for Tuesday, September 15.
The measure, tracked in Congress as H.R. 3633, would divide federal oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The House of Representatives passed its version by a 294-134 vote in July 2025, with 78 Democrats joining Republicans in support. The Senate Banking Committee advanced the measure by a 15-9 vote on May 14, 2026.
Lummis said the new draft reflects negotiations that continued through the Senate’s August recess.
“We have incorporated more than 114 separate provisions at my Democrat colleagues’ request, and as a result, this bill is a strong bipartisan product,” Lummis said in a September 10 statement.
“Unlike rulemaking, legislation gives this industry a lasting solution that shields it from the whiplash of changes in the White House. Since the CFTC and SEC will write rules on digital assets with or without the Clarity Act, I believe a lasting, bipartisan compromise is the best route for America’s future. It’s time for a vote; America’s financial leadership depends on it.”
The full bill text has been posted on the senator’s official Senate website. Multiple outlets described the revised draft as about 630 pages.
What Changed in the New CLARITY Act Draft
Crypto America host Eleanor Terrett first flagged the updated text on X at 19:14 GMT on September 10, identifying three areas that moved and three that did not.
The revised draft adds a requirement that non-decentralized DeFi protocols register with the CFTC and comply with the Bank Secrecy Act (BSA), a federal anti-money laundering statute. Lummis said the language mirrors Section 10301 of the Banking Committee portion of the bill.
The revised text also narrows DeFi provisions to spot and cash digital commodity transactions. Lummis said the change responds to concerns raised by tribal groups over blockchain-based prediction markets. Finally, the draft gives federal credit unions clearer authority to handle digital asset activity.
Crypto in America reported that the new DeFi language was added to the Agriculture Committee portion of the bill and that credit unions received clearer authority to handle digital assets, while the ethics title was left unchanged from the White House-backed July draft.
Terrett reported that the ethics section appears unchanged. She also noted that the Blockchain Regulatory Certainty Act (BRCA) language and the stablecoin yield section remained the same as in the earlier merged version.
Those three areas have defined the negotiations for months. According to a September 8 report by The Crypto Times, talks over ethics language tied to President Donald Trump and his family’s digital asset holdings had stalled. Senator Mike Rounds (R-South Dakota) said the bill’s prospects “do not look good right now,” while Senator Thom Tillis (R-North Carolina) warned the measure could fail if the White House does not help resolve the dispute.
The September 15 Vote Is Procedural, Not Final Passage
Senate Majority Leader John Thune (R-South Dakota) filed cloture on the motion to proceed on August 8. Under Senate procedure, that cloture motion ripens at 2:15 p.m. Eastern Time on September 15.
The vote is not a final vote on the bill itself. Invoking cloture would open the Senate floor to formal debate and amendments. A failed vote would stall the current motion to proceed.
Republicans currently hold 53 seats in the Senate. Because 60 votes are required to invoke cloture, at least seven Democrats or independents would need to join every Republican for the measure to advance. That math is not assured. Senator Josh Hawley (R-Missouri) has publicly opposed portions of the bill, citing concerns raised by community banks, while several Democrats have linked their support to stronger ethics language and tighter developer liability rules. The Crypto Times laid out the vote count on September 4.
Crypto in America reported that at least two Republicans are expected to oppose the initial procedural vote, which would raise the number of Democratic votes needed to about nine. Many of those Democrats have tied their support to stronger ethics limits on officials’ digital-asset activity, including President Trump’s crypto business interests.
The legislative calendar is tight even if cloture succeeds. House leadership canceled the final two weeks of September, and lawmakers are expected to leave Washington after September 17, according to earlier reporting. That leaves a narrow window to reconcile any Senate product with the House-passed bill this month.
White House and Regulators Continue to Push for the Vote
White House crypto adviser Patrick Witt told Semafor on September 10 that senators should place the bill on the floor and keep negotiating through amendments.
“I would say to everyone, Republican and Democrat: Get on the bill and let’s keep talking,” Witt said.
Witt indicated that Republican support for the procedural vote could land close to the party’s full 53-member conference. He also warned that a failed vote could push the next attempt past the 2026 midterm elections, according to The Crypto Times.
Treasury Secretary Scott Bessent made a similar case on September 9, urging the Senate to advance the bill when it returned from recess. SEC Chair Paul Atkins said earlier this month that he expects the Senate to move the bill on September 15 and that the agency’s Regulation Crypto proposal is designed to align with the statute.
What Still Sits Outside the New Text
The updated draft does not resolve the ethics dispute. Democrats have sought stronger limits on federal officials issuing or sponsoring digital assets, including the president. The current ethics language includes a ban with Department of Justice (DOJ) enforcement and a January 20, 2029 sunset. Several Democrats have called that inadequate.
According to Crypto in America, the White House had not responded publicly or privately, as of September 10, to a late-July bipartisan ethics counterproposal from Sens. Thom Tillis (R-N.C.) and Ruben Gallego (D-Ariz.), citing two people familiar with the matter.
That proposal would bar federal elected officials and judges from issuing or sponsoring digital assets, require them to divest related holdings or place them in a blind trust, and allow state attorneys general to sue the Justice Department to enforce the rules — an approach Crypto in America said the White House and some Senate Republicans oppose.
Stablecoin yield remains another flashpoint. Banks have pressed lawmakers to tighten rules on rewards paid for holding payment stablecoins. The Tillis-Alsobrooks compromise from earlier this year remains in the text, according to Terrett.
Developer protections drawn from the Blockchain Regulatory Certainty Act (BRCA) also appear unchanged. That section is intended to prevent non-custodial software developers from being treated as money transmitters solely for publishing code. Law enforcement groups had earlier raised concerns about illicit finance gaps. Lummis said the National Sheriffs’ Association and the Major County Sheriffs’ Association recently dropped their opposition.
Reports state that the National Sheriffs’ Association moved from opposition to neutrality after talks with Witt, leaving no major police organization publicly opposed to the bill.
Separately, on September 10, Lummis argued that Section 305 of the CLARITY Act would shield stablecoin issuers and exchanges from civil liability when they freeze assets tied to suspected illicit activity. Her comments followed a lawsuit against Tether over a $42.4 million USDT freeze.
What Happens Next
The Senate returns to Washington next week. The first test is the September 15 cloture vote on the motion to proceed to H.R. 3633.
If the vote succeeds, the disputes over ethics, DeFi registration and stablecoin rewards move onto the floor for debate and amendments. If it fails, Witt has said the next opening could depend on the November midterm elections and the makeup of the next Congress.
Lummis framed the choice in sharper terms on September 8. “Next week, my colleagues have a choice: they can choose American innovation and strong consumer protections, or cede the future of finance to China,” she wrote on X.
Also Read: White House Crypto Adviser Says Failed CLARITY Vote Could Delay Bill
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