Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis, Senate Agriculture Committee Chairman John Boozman and Senate Banking Committee Chairman Tim Scott released final text for the CLARITY Act ahead of a September 15 cloture vote. The substitute incorporates 126 substantive changes sought by Democratic negotiators after more than a year of bipartisan discussions, including stronger ethics restrictions, a state attorney general enforcement role and revised safeguards for non-custodial software developers. The bill would establish federal crypto market-structure rules, clarify jurisdictional boundaries between the Securities and Exchange Commission and Commodity Futures Trading Commission, and give Treasury authority to address widespread deposit outflows from banks into payment stablecoins. The House passed its version 294-134 in July 2025, leaving Senate action as the remaining legislative hurdle.