Senate Republicans introduced a revised 635-page version of the Digital Asset Market Clarity Act. The update includes 126 amendments, primarily focusing on ethics provisions for federal officials regarding their digital asset holdings, such as requirements for divestiture or blind trusts.
The legislative changes received an endorsement from President Trump. Enforcement of the new rules would be delegated to state attorneys general rather than federal regulators. These adjustments aim to secure bipartisan support, increasing the likelihood of the bill becoming law.
Market reaction was immediate, with Bitcoin reaching intraday highs between $78,000 and $80,000, marking a 1.8% gain. Coinbase shares surged by 8%, and Circle saw a 6.4% increase. Institutional interest grew as the probability of passage on Polymarket rose from 12-14% to 30%.
Regulatory clarity is critical for companies like Coinbase, which is currently involved in legal disputes with the SEC. For Circle, the issuer of USDC, the bill offers a potential framework for stablecoin regulation. A procedural cloture vote for the bill was scheduled for September 15.
