Senate Republicans released the finalized 635-page CLARITY Act ahead of Tuesday afternoon’s cloture vote, calling it their “last, best and final” offer after more than a year of negotiations. The draft incorporates 126 changes requested by Democrats and adds ethics rules requiring covered federal officials to divest significant digital-asset holdings or place them in qualified blind trusts. State attorneys general could enforce bans on officials issuing, sponsoring or holding major stakes in digital assets, while exchanges could not list assets issued in violation of those rules. Violations would carry penalties of 20% of transaction value or $500,000, whichever is greater, with the provisions taking effect within 360 days of enactment. The bill also gives the Treasury authority to intervene in stablecoin yield if community banks face significant deposit flight, narrows Blockchain Regulatory Certainty Act protections to the Bank Secrecy Act and civil enforcement, and tightens rules on conflicts, affiliate trading and digital-asset market integration. Attorney Bill Morgan said the final text means XRP would be treated as a commodity in secondary markets regardless of Ripple’s holdings.