Overview
- Senate Republicans filed a final 635‑page compromise on Monday that negotiators say folds in roughly 100–126 Democratic changes and follows a reported agreement by President Trump on ethics language.
- A cloture vote to begin formal debate is set for Tuesday, Sept. 15, and requires 60 votes so Republicans’ 53 seats mean the bill needs several Democratic senators to proceed.
- The draft forces covered officials, judges and spouses with significant crypto holdings to divest or use a blind trust and gives state attorneys general power to enforce violations with penalties starting at $500,000 or 20% of the interest involved.
- Lawmakers added a temporary Treasury ‘circuit breaker’ that would let the secretary limit stablecoin‑based loyalty rewards if those tokens trigger substantial deposit withdrawals from community banks and that authority would expire after 18 months.
- Developer protections were narrowed to a civil safe harbor while miners, validators and developers who do not control customer funds would generally not be treated as money transmitters, and the bill preserves a split SEC/CFTC regulatory framework which could instead be filled in by agency rulemaking if cloture fails.