Senate Republicans Release Revised CLARITY Act Text Ahead of Cloture Vote

Senator Cynthia Lummis posted a revised version of the Digital Asset Market Clarity Act on Thursday, just five days before the Senate is scheduled to vote on cloture for the bill. The amendment, filed as a substitute to H.R. 3633, introduces three narrow changes and comes without a public endorsement from the seven Senate Democrats who have been negotiating the legislation.

Key Changes in the September 10 Text

• CFTC registration and Bank Secrecy Act compliance are required for trading protocols that are not decentralized.
• The decentralized finance (DeFi) title is limited to spot and cash digital commodity transactions.
• The amendment clarifies permissible digital‑asset activities for credit unions.

Political Context

Cloture on the motion to proceed to H.R. 3633 is set for Tuesday, Sept. 15, at 2:15 p.m. The Senate requires 60 votes to advance the bill. Republicans hold 53 seats; Democrats and independents hold 47. If every Republican votes in favor, seven Democrats must also support the motion.

Support and Opposition

The release lists several financial firms—including BlackRock, Fidelity, and Goldman Sachs—as supporters, along with four law‑enforcement groups. However, the National Sheriffs’ Association and the Major County Sheriffs of America have expressed concerns, citing potential law‑enforcement and public‑safety risks related to exemptions for DeFi participants.

Seven Senate Democrats issued a joint statement after the July version of the bill, reiterating opposition to key provisions on ethics, consumer protection, illicit finance, conflicts of interest, and market integrity. They have not issued a new statement on the September text. Senate Banking Committee Ranking Member Elizabeth Warren opposes the bill outright, criticizing its ethics provisions.

Market Reaction

Polymarket’s prediction market shows an 18% chance of the CLARITY Act becoming law in 2026, with odds for passage in 2027 previously higher. Bitcoin was trading around $77,636, up 1.1% over 24 hours.

Next Steps

If cloture succeeds, the Senate will debate and amend the bill. Any version passed by the Senate must return to the House, which approved H.R. 3633 by a 294‑134 vote in July 2025.