This is definitely the big news in the crypto space today. Senate Republicans have released the new text of the 'Clarity Act,' presenting the final proposal ahead of Tuesday's critical cloture vote. Compared to last Thursday's version, there are four major changes that significantly impact the chances of passing this year: Mainly on ethics: 1. State attorneys general can enforce three bans: issuing/promoting digital assets, holding 'significant' financial interests, and listing non-compliant assets on exchanges. 2. Relevant individuals must divest or place assets into qualified blind trusts (modeled after the 1978 Government Ethics Act). 3. Civil penalties: 20% of the transaction value or $500,000 (adjusted for inflation), whichever is higher. 4. Effective date: 360 days after the bill passes, or 60 days after Rule 10102 is implemented, whichever comes first. The Republicans' statement that 'Trump approved about 80% of Tillis–Gallego' refers to these changes. State enforcement has been a core demand from Democrats, and it’s included this time. However, the unresolved issues are: how to define 'significant,' whether family trusts/indirect holdings count, and whether the 2029 sunset clause remains. These three points could give Gallego/Alsobrooks enough leverage to delay another day. Additionally, Stablecoin yield provisions: If the Treasury determines that community banks are experiencing 'substantial' deposit outflows, it can restrict rewards on payment-based stablecoins; the authorization lasts only 18 months. This is a simple concession to community banks and some Republicans, not a permanent ban on yields. BRCA / Developer provisions: Developers remain exempt from being classified as money transmitters/financial institutions; protections now extend to miners and validators; references to 18 America.C. 1960 have been removed. The focus is on civil safe harbor, not full criminal immunity. Agriculture Committee provisions: Strengthened rules on related-party transactions and conflicts of interest for digital commodity exchanges/brokers; clarified the applicability of state consumer protection laws; developer protections do not touch derivatives laws or tribal gaming. Quick summary: This version does open up more negotiation space for Tuesday’s cloture vote compared to last Thursday’s draft, with clear substantive concessions. However, key Democratic votes are still uncertain, and Tuesday’s vote is just the 'door opener'—the calendar afterward is still tight. Next steps: tomorrow, keep an eye on these three people—Gallego, Alsobrooks, Tillis. If they say yes, cloture moves from 'possible' to 'negotiable.'