Senate Vote Looms as Three Groups Oppose Revised Clarity Act

A coalition of banking associations, 18 state attorneys general, and Senator Elizabeth Warren voiced opposition to the updated Digital Asset Market Clarity Act on the eve of a Senate procedural vote that will determine its outcome.

The revised text was released by Republicans and presented as a final proposal to Democrats. Tuesday afternoon brings a cloture vote in the Senate, requiring 60 votes to proceed.

Bank Groups Seek Tighter Clarity Act Language; State Attorneys General Seek Its Defeat

On September 14, eight banking trade groups—among them the American Bankers Association and the Independent Community Bankers of America—sent a letter to Majority Leader John Thune and Democratic Leader Chuck Schumer.

Their argument is that the language of the stablecoin yield ban could permit payments resembling interest on balances. The associations proposed a set of recommended amendments to the crypto market structure bill.

“With the targeted changes described above, we believe that this innovation can be pursued while also protecting the ability of banks to continue providing credit for America’s consumers, small businesses, and communities,” the letter reads.

New York Attorney General Letitia James led a separate group of 18 attorneys general in opposing the bill outright. In a letter to Senators Tim Scott and Elizabeth Warren, they caution that federal preemption would dismantle state registration systems and give the SEC sole authority to determine its scope.

James pointed to FBI figures indicating $11.4 billion in crypto fraud losses during 2025, a 22% increase from the previous year. Since 2017, states have filed over 330 anti-fraud actions.

“As written, the Clarity Act would embolden scammers and potentially strip attorneys general of our authority to protect our states’ investors and their wallets. Together with my attorney general colleagues, I urge Congress not to pass the Clarity Act,” she said.

These criticisms are not novel. Both groups presented identical arguments to the Senate in July.

Warren Denounces Ethics Provision While Democrats Prepare Response

Senator Warren, meanwhile, dismissed the ethics clause inserted by Republicans.

“We got the details of President Trump and Republicans’ quote “final offer” on ethics, and it reads exactly like what you expect the most corrupt President in our history to bless: a weak fig leaf that will do nothing to stop him from making his next $1.4 billion in crypto profits,” she stated.

Warren leveled two complaints. As per her, the clause delegates enforcement authority to political appointees of the President, who can deactivate it. Additionally, it contains gaps that exempt his crypto ventures, such as World Liberty Financial.

Not all Democrats rejected the bill. Negotiators convened in Schumer's office Monday evening to return a counterproposal, according to Politico. Senator Raphael Warnock stated that the GOP would get the text that night.

It's becoming clear that some Democrats simply won't get to yes, no matter what we put in the text.

President Trump has now agreed to two historic ethics provisions — provisions these very members demanded. We've given you everything you’ve asked for, yet you keep holding the… https://t.co/EecNNlmZVK

— Senator Cynthia Lummis (@SenLummis) September 14, 2026

Since cloture requires 60 votes, Republicans need to win over seven Democrats. Senator Cynthia Lummis has promoted the bill as containing over 100 changes requested by Democrats. Tuesday's vote will reveal if that argument holds.