Senate Republicans unveil revised Clarity Act on September 10, with cloture vote set for September 15

Senate Republicans released a revised 630-page Clarity Act on September 10, 2026, tightening definitions around decentralized finance and clarifying credit-union digital-asset activity. A procedural cloture vote is scheduled for September 15 at 2:15 p.m., requiring 60 votes to proceed to floor debate on H.R. 3633. Republicans hold 53 seats; if all vote to proceed, seven Democratic votes are needed to reach 60.

Senator Cynthia Lummis, who unveiled the revised text, said it reflects "bipartisan hard work over August" and incorporates more than 114 separate provisions at Democrats' request. The changes target three areas: requiring non-decentralized protocols to register with the Commodity Futures Trading Commission, limiting DeFi provisions to spot and cash transactions in response to Native American concerns about prediction markets, and clarifying which digital-asset activities credit unions may conduct.

If passed, the bill would establish a federal market framework for digital assets, clarify regulatory jurisdiction between the SEC and CFTC, allocate $150 million to the CFTC, and largely clear the way for crypto startups to raise funds through token sales. The framework would require protocols that are controlled by people or groups to register with the CFTC and comply with the Bank Secrecy Act, directing the Treasury and CFTC to develop rules for trading protocols that people or groups can control or materially alter.

Lummis stated that Democrats had requested a felony bar on fraudsters, $150 million for the CFTC and a crackdown on platforms like Binance, adding: "They got almost everything they asked for." According to Decrypt's reporting citing Politico, none of the Democrats are currently in support of the new bill. Seven Democratic senators, Mark Warner, Angela Alsobrooks, Cory Booker, Catherine Cortez Masto, Ruben Gallego, John Hickenlooper and Raphael Warnock, issued a joint statement on the July version stating the Republican text "falls short" on ethics, consumer protection, illicit finance, conflicts of interest and market integrity. Per The Defiant's reporting, none of these seven senators' offices has posted a statement on the September revised text.

The ethics title, which the seven Democrats named as needing strengthening, was not among the three changes reflected in the September revision. Banking Committee Ranking Member Elizabeth Warren has opposed the bill outright, stating the ethics provisions leave enforcement with the Attorney General, bar state attorneys general from bringing actions, and sunset when the president leaves office. The National Sheriffs' Association issued a July 31 letter citing "significant law enforcement and public safety risks" from exemptions for decentralized-finance participants from anti-money-laundering and sanctions requirements, though the association was later named as a supporter of the revised bill alongside BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, Charles Schwab and SoFi.

Polymarket pricing, per The Defiant, puts the odds of the Clarity Act being signed into law in 2026 at 18 percent as of September 10, on $15.1 million of cumulative volume since the market opened in January. A companion Polymarket on Senate votes prices Senator Kirsten Gillibrand, who co-wrote the Responsible Financial Innovation Act with Lummis in 2022, at 39 percent likelihood to vote for the bill; a third market puts the odds of more than 50 senators voting for the bill at 36 percent. The previous version was released on July 22 following work by Banking and Agriculture committees; the House passed H.R. 3633 by 294-134 in July 2025, and whatever text the Senate passes returns to the House, since the revised language constitutes a substitute for the House bill.