The CLARITY Act has received another major update just days before a critical Senate vote, and one provision in the latest draft could be particularly important for XRP.
According to journalist Eleanor Terrett, Senate Republicans have released revised legislation containing changes covering political ethics, stablecoin yield, the Blockchain Regulatory Certainty Act (BRCA), and rules affecting digital commodity platforms.
Republicans are describing the new text as their “last, best and final” offer to Democrats ahead of Tuesday’s cloture vote. At the same time, pro-Ripple lawyer Bill Morgan has drawn attention to what the current draft could mean for XRP’s regulatory treatment in secondary markets.
What you'll learn 👉
Republicans Make Last-Minute Changes to the CLARITY Act
One of the biggest changes concerns political ethics, an issue that has been a major obstacle in negotiations.
Terrett reported that President Trump has agreed to what a Republican aide described as roughly 80% of the Tillis-Gallego ethics proposal. This would include requirements to either divest “substantial” crypto-related financial interests or place them into a blind trust.
The proposal would also give state attorneys general a role in enforcing the ethics provisions. According to Terrett, this is something the White House had previously resisted.
🚨NEWS: Senate Republicans have released new Clarity Act text featuring a revised ethics proposal agreed to by President Trump.
— Eleanor Terrett (@EleanorTerrett) September 14, 2026
The text also contains changes to the sections on the Blockchain Regulatory Certainty Act (BRCA), stablecoin yield, and the so-called “Ag title.”…
These concessions could matter ahead of Tuesday because Republicans need Democratic support. The September 15 cloture vote requires 60 votes to advance the legislation, while Republicans hold only 53 Senate seats. Even if cloture succeeds, however, this is a procedural step rather than final passage of the CLARITY Act.
Stablecoin Yield and BRCA Provisions Are Also Changed
The revised legislation goes considerably further than the ethics compromise.
According to Terrett, the BRCA language has been narrowed to cover the Bank Secrecy Act and civil enforcement. Language that would have explicitly extended protections into criminal cases, including prosecutions under Section 1960, has been removed.
Stablecoin yield also received an important addition. The new text reportedly contains a “circuit breaker” designed to address concerns that yield-bearing stablecoins could pull deposits away from community banks.
Under the proposal described by Terrett, federal regulators could intervene if there were evidence of widespread deposit flight from community banks into stablecoins, with Treasury Secretary Scott Bessent serving as the relevant arbiter.
Changes were also made to the legislation’s agriculture-related provisions. The new text introduces tighter guardrails around vertical integration and conflicts of interest involving digital commodity exchanges, brokers and dealers. It also makes clear that state consumer-protection laws continue to apply and that protections for developers do not create exemptions from derivatives law or affect prediction markets.
Read also: XRP Price Could Be Ready for a Big Move With or Without the CLARITY Act
Bill Morgan Sees a Potential Win for XRP
For XRP holders, however, Bill Morgan focused on a different part of the latest draft.
Under this most recent draft XRP will be a crypto commodity in secondary markets regardless of how much XRP Ripple holds.
— bill morgan (@Belisarius2020) September 14, 2026
Deal with it Bitcoin maxis https://t.co/ioJpbBlsyo
Morgan wrote that under the current version, XRP would qualify as a crypto commodity in secondary markets regardless of the amount of XRP held by Ripple.
That distinction could be significant.
Ripple’s ownership of a substantial amount of XRP has long played a role in arguments over the token’s regulatory treatment and level of decentralization. Morgan’s reading of the new legislation indicates that Ripple’s holdings would not prevent secondary-market XRP from receiving crypto-commodity treatment under the framework contained in the draft.
This could provide considerably more durable regulatory clarity than relying exclusively on previous court decisions and interpretations. But Morgan is commenting on proposed legislation, not existing law. His conclusion depends on the relevant language surviving the legislative process and ultimately being enacted.
Tuesday’s Vote Is the Next Major Test
All attention now turns to September 15.
Republicans need 60 votes to clear cloture, meaning at least some Democratic support will be necessary. The latest concessions appear designed to address several of the issues that have prevented Democrats from committing their votes.
Calling the revised proposal the “last, best and final” offer also raises the stakes. If the concessions are enough to secure 60 votes, the CLARITY Act can move forward to further Senate consideration. If they aren’t, the current effort to establish a comprehensive U.S. crypto market-structure framework would face another major obstacle.
For XRP, the implications could eventually be substantial. Morgan believes the current text provides a path toward clear crypto-commodity treatment for XRP in secondary markets regardless of Ripple’s holdings.
But first, the legislation has to survive Tuesday.
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