Senators Cynthia Lummis, John Buzman, and Tim Scott have released the final version of the bill regulating the digital asset market. The document is described as the “last and final” proposal for Democrats; it incorporates 126 amendments submitted at their request. The vote to initiate the procedure will take place on Tuesday around 2:15 p.m. Eastern Time.
The main change concerns ethics. Trump agreed to virtually the entire Tillis-Gallego package: elected federal officials, judges, and their spouses will be prohibited from issuing or sponsoring digital assets for compensation, and substantial crypto assets will have to be sold or transferred into a blind trust. This important concession means that enforcement will now be monitored not only by the Department of Justice but also by state attorneys general. Violations will carry fines of up to $500,000.
Other changes include granting the Treasury Secretary the authority to activate a “safety valve” against deposit outflows from local banks into payment stablecoins, and protecting developers from being required to register as money-transmission operators. Separate provisions specify restrictions on vertical integration and transactions between related parties.
To initiate the procedure, 60 votes are needed. With Republicans holding about 53 seats, at least 7 votes from Democrats will be required. If they fail to secure these votes, the chances of passing the law in the current congressional session will sharply decline due to the calendar leading up to the midterm elections.