Short answer: On September 14, 2026, Senate Republicans released what they called the final text of the CLARITY Act after President Donald Trump agreed to most of a bipartisan ethics package that bars senior officials from issuing or profiting from crypto tokens. The concession was aimed at winning the Democratic votes needed for the 60-vote procedural hurdle on September 15. Prediction markets roughly tripled the odds of the crypto bill becoming law this year, to about 30%.
What happened
The CLARITY Act (the Digital Asset Market Clarity Act, H.R. 3633) is the U.S. crypto market structure bill that would split oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Its biggest obstacle in the Senate has been ethics: Democrats refused to advance it without limits on crypto ventures run by the president and his family, such as World Liberty Financial, its USD1 stablecoin and the $TRUMP memecoin.
Late on Sunday, September 13, Republican senators said the White House had accepted new ethics language, and Senator Cynthia Lummis confirmed that the final text was ready. On Monday, September 14, the revised bill was circulated ahead of the procedural vote scheduled for 2:15 p.m. Eastern time on Tuesday. The ethics language builds on a package negotiated by Senators Thom Tillis, a North Carolina Republican, and Ruben Gallego, an Arizona Democrat. Reports said Trump accepted about 80% of the package.
What the new CLARITY Act ethics provision says
According to the published text, the rules apply to "covered individuals": senior federal officials including the president, members of Congress and federal judges, as well as their spouses.
- Ban on issuing tokens. Covered individuals may not issue or sponsor a digital asset while in office.
- No significant holdings. They may not keep a significant financial interest in digital assets, with limited exceptions. Existing holdings must be sold or moved into a qualified blind trust by the effective date.
- Fast disclosure. An official has three days to notify the relevant ethics office, which then has three days to announce the divestiture publicly.
- Exchanges cannot list them. Crypto platforms would be barred from listing tokens issued by covered individuals.
- Enforcement. Issuers face civil penalties, and state attorneys general can sue to enforce the rules. An earlier sunset on enforcement was removed.
Other changes in the final text
| Issue | Change in the September 14 text |
|---|---|
| Stablecoin rewards | A "circuit breaker": the Treasury Secretary could restrict stablecoin rewards for up to 18 months if deposits flow out of community banks |
| Developer protections | The Blockchain Regulatory Certainty Act section narrowed to Bank Secrecy Act and civil enforcement |
| Exchanges | Tighter rules on vertical integration, affiliate trading and conflicts of interest for digital commodity exchanges |
| DeFi | Adjusted language on decentralized finance |
| States | Clarified that state consumer protection laws still apply |
The stablecoin rewards clause answers banking groups, which fear customers will move deposits into stablecoins that pay yield-like rewards.
Can the CLARITY Act pass the Senate?
The math is tight. Republicans hold 53 seats, so at least seven Democrats or independents must join them to reach 60 votes for cloture, the procedure that ends debate. Tuesday's vote only decides whether the Senate proceeds to the bill, not whether it becomes law. After that, the Senate would still need a final vote, and the House, which passed its own version in July 2025, would have to act after the November recess.
Not everyone is persuaded. Several Democrats and ethics advocacy groups said on Monday that the revised language still falls short, and Senator Elizabeth Warren planned to speak against the bill on the Senate floor. On Polymarket, the probability that the CLARITY Act becomes law in 2026 rose from about 12% to around 30–35% after the text was released. Bitcoin traded near $78,000–$79,000 as the news came out, even as oil prices and Treasury yields climbed.
What it means for you
For people who hold or swap crypto, nothing changes on the day. The CLARITY Act would take effect only after passing both chambers and being signed, and many provisions would then need rulemaking by the SEC and CFTC.
- Expect policy volatility. Vote days move crypto-linked stocks and tokens. Avoid large leveraged positions right before the result.
- Watch stablecoin rewards. If you earn rewards on stablecoin balances, the circuit breaker shows these programmes could be restricted in future. See what a stablecoin is for how issuers and rewards work.
- Be wary of politically branded tokens. Tokens tied to officials could lose exchange listings under the new rules.
Key takeaways
- Trump accepted most of the Tillis–Gallego ethics package in the CLARITY Act on September 13–14, 2026.
- Senior officials, including the president, could not issue crypto tokens and would have to divest or use a blind trust.
- State attorneys general would be able to enforce the ethics rules.
- The Treasury could restrict stablecoin rewards for up to 18 months if deposits leave community banks.
- The bill needed 60 votes at the September 15 cloture vote; Polymarket odds of it becoming law rose to about 30%.
Whatever Washington decides, you can compare current routes between coins and stablecoins on the pairs page.
Sources: CoinDesk, CoinGape, FinanceFeeds, KuCoin
Frequently asked questions
What is the ethics provision in the CLARITY Act?
It bars senior federal officials, including the president, members of Congress, judges and their spouses, from issuing or sponsoring crypto tokens and from holding significant crypto interests. Existing holdings must be sold or placed in a blind trust, and state attorneys general can enforce the rules.
Did Trump agree to the CLARITY Act ethics rules?
Yes, mostly. On September 13–14, 2026, Republican senators said the White House accepted about 80% of the bipartisan ethics package negotiated by Senators Thom Tillis and Ruben Gallego.
How many votes does the CLARITY Act need in the Senate?
The procedural cloture vote needs 60 votes. With 53 Republican senators, at least seven Democrats or independents have to support it for the bill to move forward.
