US senators Cynthia Lummis, John Boozman, and Tim Scott have released the final text of the Digital Asset Market Clarity Act.
Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis, together with Committee Chairmen John Boozman and Tim Scott, has published the final draft of the Digital Asset Market Clarity Act ahead of a scheduled vote. The text reflects more than a year of bipartisan negotiations and incorporates 126 substantive changes requested by Democrats. If cloture is invoked on the motion to proceed, the legislation will be offered as an Amendment in the Nature of a Substitute.
Provisions on ethics, stablecoins, and developer protections
The finalised bill includes new ethics language drawn substantially from the Tillis-Gallego ethics proposal, giving state attorneys general a role in enforcement. It also grants the Secretary of the Treasury new authority to act against deposit flight linked to payment stablecoins, intended to function as a safeguard for community banks and the farmers and small businesses that rely on them.
The draft further amends the Blockchain Regulatory Certainty Act to exempt developers from money transmission registration requirements and to establish a civil safe harbour. Provisions attributed to the Agriculture Committee introduce guardrails on affiliate trading and conflicts of interest, clarify how state consumer protection laws apply, and protect software developers without altering derivatives regulation or the existing authority of the Commodity Futures Trading Commission.
Legislative background
The bill traces back to 2022, when Lummis and then-Senator Kirsten Gillibrand introduced the Responsible Financial Innovation Act, an early attempt to establish a US regulatory framework for digital assets, dividing oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The pair reintroduced the legislation in 2023. In July 2025, Lummis, Scott, and senators Bill Hagerty and Bernie Moreno released a discussion draft of the Responsible Financial Innovation Act of 2025. The Digital Asset Market Clarity Act subsequently passed the Banking Committee in May 2026 by a 15 to 9 vote. In July 2026, Lummis reintroduced text incorporating what the release describes as an ethics agreement under which President Trump voluntarily accepted ethics restrictions applying to himself, the Vice President, judges, federally elected officials, and their spouses.
Industry and law enforcement backing
According to the release, the bill has drawn support from financial institutions including BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, Charles Schwab, and SoFi, as well as law enforcement bodies such as the National Fraternal Order of Police and the National Organization of Black Law Enforcement Executives. The National Sheriffs' Association and the Major County Sheriffs of America, which the release states represent law enforcement covering more than 130 million Americans, have both withdrawn their opposition to the bill.
Lummis, Boozman, and Scott have each issued statements framing the legislation as a bipartisan effort to establish regulatory clarity for digital asset markets, protect consumers and community banks, and maintain US competitiveness in the sector ahead of the scheduled Senate vote.
