CLARITY Act sponsors revise ethics and stablecoin terms before Senate procedural vote

A revised draft, not an enacted framework

Senators Cynthia Lummis, John Boozman, and Tim Scott released a revised Digital Asset Market Clarity Act draft on September 14, ahead of a Senate procedural vote planned for September 15. Their announcement describes changes covering public-official ethics, payment stablecoins, software developers, and digital commodity intermediaries.

The sponsors said the text would be offered as a substitute amendment if the Senate invokes cloture on the motion to proceed. That sequence matters: publication of the draft does not mean the Senate has adopted it. This report records the documents available on the morning of September 15 and does not report a vote result.

SourceSponsors’ announcement · September 14, 2026

A temporary tool aimed at stablecoin rewards

The sponsors’ change summary describes a new Treasury mechanism tied to community-bank deposit losses. If the Treasury Secretary makes a written determination that substantial deposit flight is occurring, the summary says Treasury would be directed to issue rules restricting rewards available to payment-stablecoin holders. That authority would expire 18 months after enactment.

The same document describes state-attorney-general enforcement of specified ethics prohibitions and a requirement for covered individuals to divest significant financial interests or use a qualified blind trust. These are the sponsors’ descriptions of proposed provisions, not a finding that deposit flight has occurred or a restriction already imposed on customers.

SourceSponsors’ summary of the final draft changes

Warren challenges the ethics compromise

The ethics dispute remained visible in a separate September 14 statement from Senate Banking Committee ranking member Elizabeth Warren. In prepared floor remarks, she argued that the latest language leaves enforcement and business-interest loopholes benefiting President Donald Trump. Those are Warren’s criticisms of the proposal, not conclusions established by this report.

Warren also sought unanimous consent for the separate Ending Presidential Corruption in Banking Act. Her office said that measure would bar specified banking applications involving senior government officials and terminate certain approvals. By contrast, Lummis’s announcement presented the CLARITY draft as incorporating the Tillis-Gallego ethics proposal, with a role for state attorneys general. The competing statements show that releasing revised text did not resolve the disagreement.

SourceWarren’s floor remarks · September 14, 2026Sponsors’ announcement · September 14, 2026

The draft separates enactment from implementation

The published substitute identifies itself as an amendment to H.R. 3633 and contains separate banking, digital-commodity, and ethics divisions. Its final sections set out implementation timing rather than treating every provision as immediately operative.

Section 30104 would generally start the ethics division at the earlier of 360 days after enactment or 60 days after publication of the specified implementing rule. Section 40101 sets a general 360-day effective date for the wider act, subject to exceptions; provisions requiring rulemaking use the later of that date or 60 days after the relevant final rule.

These conditions underscore the distinction between a procedural vote, adoption of legislative text, and effective obligations. The immediate question described by the sponsors is whether the Senate proceeds. The documents do not establish that the proposed framework is already law.

SourceProposed substitute EHF26724 · text and effective datesSponsors’ summary of the final draft changes