Senate Democrats are reviewing a final 635-page Republican proposal for the CLARITY Act ahead of a key procedural vote on September 15.
Republicans are looking for at least seven Democratic votes to reach the 60 votes needed to begin debate. The latest version includes 126 changes requested by Democratic negotiators during talks.
Senate Minority Leader Chuck Schumer brought Democrats together on Sunday evening after Republicans released the revised proposal. As of September 14, Democratic leaders had not announced whether they would support the vote.
Republican lawmakers described the proposal as their final offer before Tuesday’s vote. Republicans currently hold 53 Senate seats, meaning they need at least seven Democratic senators to support the measure if all Republicans vote yes.
One of the biggest issues in the negotiations has been government ethics. Democratic senators wanted stronger restrictions on elected officials and their families making money from digital assets while influencing federal policy.
The Republican sponsors said President Donald Trump accepted provisions covering federal officials, judges, lawmakers and their spouses. Under the proposal, covered officials could be required to sell certain major crypto holdings or place them in a blind trust.
The revised proposal would also give state attorneys general a role in enforcing some of the ethics rules. Democrats will now have to decide whether the changes are enough to address their concerns about Trump-linked digital asset businesses.
Another major part of the bill involves payment stablecoins. The proposal would give the Treasury secretary authority to respond if stablecoins cause large amounts of deposits to move away from community banks.
Banking groups have argued that stablecoin rewards could compete with traditional bank deposits, while crypto companies have warned that overly broad restrictions could limit legitimate customer incentives.
The proposal also changes protections for crypto software developers. Qualifying developers who do not control customer funds would receive a civil safe harbor from certain federal money-transmission requirements.
However, earlier language that would have provided explicit protection against criminal prosecutions was removed. The revised version focuses on Bank Secrecy Act requirements and civil enforcement.
The bill would also establish registration paths for digital commodity exchanges, brokers and dealers. The Commodity Futures Trading Commission would oversee covered spot digital commodity markets, while the Securities and Exchange Commission would continue to regulate securities and investment contracts.
Tuesday’s vote will not decide whether the CLARITY Act becomes law. The vote is mainly about whether the Senate should begin debating the measure.
Senate Majority Leader John Thune has scheduled the cloture vote for 2:15 p.m. Eastern on September 15. The motion generally requires 60 votes.
If the vote succeeds, Senators Cynthia Lummis, John Boozman and Tim Scott plan to introduce the 635-page proposal as a substitute amendment. Senators could then debate the bill and propose additional changes.
Final passage would require more votes. If the Senate changes the House version, both chambers would need to agree on the same final legislation.
The House passed its version of the CLARITY Act by a 294-134 vote in July 2025, while the Senate Banking Committee advanced its portion by 15-9 in May 2026.
If Tuesday’s cloture vote fails, Senate leaders could return to negotiations or try another approach. A failed vote would not automatically kill the legislation, nor would it put the proposed crypto rules into effect.
For now, the September 15 vote is the next major test for the CLARITY Act and will show whether Republicans can secure enough Democratic support to move the legislation into full Senate debate.
