Lummis, Boozman, Scott Release Final Clarity Act Text

September 14, 2026

Washington, D.C.- U.S. Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis (R-WY) alongside Chairmen John Boozman (R-AR) and Tim Scott (R-SC) released a final draft of the Digital Asset Market Clarity Act before Tuesday's vote, reflecting over a year of bipartisan negotiations and 126 substantive changes made at the request of Democrats.

The final text includes new ethics language which reflects substantially all of the Tillis-Gallego ethics proposal, including a meaningful role for state attorneys general in enforcement. It also gives the Secretary of the Treasury new authority to prevent deposit flight tied to payment stablecoins, providing a strong circuit-breaker to protect community banks and the farmers and small businesses who rely on them. The draft also includes edits to the Blockchain Regulatory Certainty Act (BRCA) to shield developers from money transmission registration requirements and establish a strong civil safe harbor. On the Agriculture Committee's provisions, this language protects consumers with new guardrails on affiliate trading and conflicts of interest, clarifies the applicability of state consumer protection laws, and protects software developers without impacting derivatives regulation and existing Commodity Futures Trading Commission (CFTC) authority.

If cloture is invoked on the motion to proceed on Tuesday afternoon, this legislative text would be offered as an Amendment in the Nature of a Substitute.

"After a year of intense daily bipartisan negotiations, this bill is ready," said Lummis."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 U.S. history. This text is truly bipartisan and includes more than 120 of Democrats' demands. A no vote on Tuesday means opposing real ethics reforms on politicians' personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets. Democrats got what they wanted; now they need to take yes for an answer."

Chairman Boozman, who led the Agriculture Committee portion said:

"We have an opportunity to establish clear rules of the road that will protect consumers, strengthen our markets, and ensure we remain a global leader in digital asset innovation. We cannot afford to wait any longer. This legislation is the result of more than a year of negotiations with our colleagues and conversations with stakeholders to get the details right. Senator Lummis has been a steadfast leader on this issue, and I appreciate her continued efforts to get this across the finish line."

Chairman Scott, who led the Banking Committee portion said:

"Growing up with a single mom in South Carolina, I learned that every dollar matters. The Clarity Act will protect Americans' hard-earned money, keep innovation and jobs in America, and strengthen our national security. This final text further empowers law enforcement and gives the Treasury Secretary the tools to protect community banks, farmers, and rural Americans. I am grateful to Chairman Boozman and Senator Lummis for their partnership. After over a year of bipartisan negotiations and over 100 changes requested by Democrats, it is time for the Senate to move this strong, bipartisan bill forward."

In 2022, Senator Lummis and Senator Kirsten Gillibrand (D-NY) introduced the Responsible Financial Innovation Act, a comprehensive bipartisan bill to establish the first regulatory framework for digital assets in the United States, dividing oversight jurisdiction between the SEC and CFTC.

In 2023, Senators Lummis and Gillibrand reintroduced the legislation.

In July of 2025, Senator Lummis, Senate Banking Chairman Tim Scott (R-SC), and Senators Bill Hagerty (R-TN) and Bernie Moreno (R-OH) released a Senate discussion draft of the Responsible Financial Innovation Act of 2025.

In May 2026, the Digital Asset Market Clarity Act passed out of the Banking Committee by a 15 to 9 bipartisan vote.

In July, Senator Lummis led her colleagues in reintroducing text that included an unprecedented and serious ethics agreement where President Trump agreed to voluntarily impose the strictest ethics measures in U.S. history on himself, the Vice President, judges, every federally elected official, and their spouses. This was a serious demonstration of the President's commitment to getting this legislation across the finish line and ensuring the United States leads the world in digital assets.

The Clarity Act has earned support from major financial institutions like BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, Charles Schwab, and SoFi, and law enforcement organizations like the National Fraternal Order of Police and the National Organization of Black Law Enforcement Executives. The National Sheriffs Association and the Majority County Sheriffs Association, representing law enforcement which protects more than 130 million Americans, both dropped their opposition recently to the Clarity Act, recognizing that this legislation gives law enforcement the tools it needs to fight crime.

Bill text can be found here.

A list of Democrat wins can be found here.

What's New

Section by Section

Myths vs. Facts

Vertical Integration

Prohibiting Interest and Yield on Stablecoin Balances

Provisions Strengthening Law Enforcement

Fraud and Anti-Money Laundering Provisions

Consumer Protections