Updated: Final Clarity Act Specifies Divestment, Blind Trusts and State Powers
The final text of the Digital Asset Market Clarity Act includes specific ethical obligations for people with significant financial interests, a ban on listing certain assets, and powers for state attorneys general.
Clarity Act ethics rules took more specific shape in the final published text. U.S. Senators Cynthia Lummis, John Boozman and Tim Scott released the Digital Asset Market Clarity Act on September 14 ahead of Tuesday’s Senate cloture vote. The bill has not yet been passed.
The new text adds a mechanism for people identified in the text as a “covered individual” who have a significant financial interest. Such a person must divest the interest or place it in a qualified blind trust.
Clarity Act ethics rules also set disclosure deadlines
The bill requires the affected person to submit a disclosure to the ethics office within three days. The office then has an additional three days to publish the disclosure.
The text also applies to crypto platforms. Under the bill, they would be prohibited from listing a digital asset issued or sponsored by a person covered by the ethics provision. The final bill therefore also includes a restriction for trading platforms.
State attorneys general would receive authority to sue
The final text envisions a role for the attorneys general of individual states. They may file a lawsuit over an alleged violation of the rules if the violation harms the state or its residents. The bill also establishes federal civil penalties.
This addition more precisely defines enforcement of the ethics provisions at the state level. The published primary text states the obligation to divest or use a qualified blind trust, disclosure deadlines, a listing ban, and states’ authority to sue.
The Senate will still decide on the bill
The next step is expected to be a cloture vote on September 15, 2026. This vote could move the bill forward in the Senate, but it does not mean the bill has been approved. It has not been confirmed whether the revised text will receive sufficient support from Democratic senators.
In connection with the negotiations, the bill’s Republican authors and an anonymous Republican adviser quoted by the AP said that Donald Trump agreed with approximately 80 percent of the Tillis and Gallego proposal. However, no direct formal confirmation from the White House or Trump was provided.
It will be important to follow the vote’s outcome, Senators Ruben Gallego’s and Thom Tillis’s positions on the final text, and whether the Senate moves the bill to a final vote. If the Senate approves the bill, it would still face another legislative process, including consideration in the House of Representatives.
Sources
- Senator Cynthia Lummis — Final Clarity Act text – The primary text confirms the obligation to divest or use a qualified blind trust, disclosure deadlines, penalties, a listing ban, and state attorneys general’s authority to sue.
- Senator Cynthia Lummis — Lummis, Boozman, Scott Release Final Clarity Act Text – Confirms the publication of the final bill on September 14 and its introduction ahead of the cloture vote.
- Associated Press — Trump agrees to new bipartisan ethics provision in massive crypto bill, Republican senators say – Reports that the Republican authors and an anonymous Republican adviser attribute agreement with a substantial portion of the compromise to Trump; this is not direct confirmation from the president.
Verified and updated: 09/14/2026 16:44
