CLARITY Act’s Final 635-Page Text Adds Trump-Backed Ethics Rules

Senate Republicans on Sunday released what they call the final text of the CLARITY Act, a 635-page substitute bill that includes revised ethics restrictions President Trump has agreed to accept. The release was confirmed by four independent outlets, all pointing to Senators Cynthia Lummis, John Boozman and Tim Scott as the sponsors who put the text forward ahead of a procedural vote scheduled for Tuesday.

Two of the four reports reviewed, BeInCrypto and Cointelegraph, independently cite the 635-page figure, with BeInCrypto noting the draft runs five pages longer than the version circulated on September 10. Three of the four reports, CoinGape, The Block and Cointelegraph, confirm Trump personally agreed to new ethics language after what Lummis described as a year of negotiation.

What the vote actually decides Tuesday

The Senate is set to hold a cloture vote on the motion to proceed. That requires 60 votes, a threshold confirmed by both BeInCrypto and Cointelegraph. Cointelegraph placed the vote at 2:15 pm ET, a detail no other reviewed outlet corroborated, so treat the exact time as single-sourced until confirmed elsewhere.

Passing cloture would not pass the bill itself. It would only open the door to floor debate and amendments on a piece of legislation that has been stalled for months over the ethics title.

The ethics provisions Trump signed off on

Lummis, quoted by Cointelegraph, said the following about the concession: “President Trump voluntarily agreed to unprecedented ethics restrictions, holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in US history.” The Block independently confirmed the substance, reporting the provisions would limit officials and their spouses from crypto-related dealings.

Cointelegraph, citing the bill text directly, laid out the mechanics: state attorneys general could enforce bans on federal officials issuing, sponsoring or holding significant financial interests in digital assets, and on exchanges that list assets in violation of those bans. Covered individuals would be required to divest holdings or place them in a qualified blind trust. Penalties would run to $500,000 or 20% of the amount received in a prohibited transaction, whichever is greater. None of the other three reports detailed these figures, so this reading remains single-sourced pending confirmation.

Cointelegraph also reported that the substitute reflects 126 changes made at Democrats’ request, plus amendments to the Blockchain Regulatory Certainty Act and to stablecoin yield provisions. BeInCrypto corroborates the broader claim that Democrat-requested changes were folded in and that the ethics title was rewritten, but does not cite the 126 figure. That specific count should be read as one outlet’s number until a second source repeats it.

Why the page count and the vote timing both matter

For traders and builders watching regulatory catalysts, the distinction between a confirmed procedural fact and a single-sourced detail is not academic. A cloture vote failing on a technicality reads very differently from a bill collapsing over substance. The 60-vote threshold and Tuesday timing are corroborated by two outlets; the exact hour, the 126-change tally and the penalty figures currently rest on one.

A Republican aide told reporters the text represents a final offer, according to Cointelegraph. Whether Senate Democrats agree with that characterization will become clear when the roll is called Tuesday afternoon.

Read more: Bessent Publicly Presses Senate to Advance Clarity Act Before Next Week’s Vote

Sources

• coingape.com
• beincrypto.com
• theblock.co
• cointelegraph.com