Senate Republicans are circulating a new version of the Clarity Act, Punchbowl reports

The Clarity Act is the House-passed market structure bill that would divide spot crypto oversight between the SEC and CFTC, and Senate Republicans have been drafting their own competing text rather than taking up the House version, a familiar pattern for legislation of this kind where the upper chamber rewrites before reconciliation. The contested issues throughout this process have been stablecoin yield, DeFi treatment, and how to draw the securities-versus-commodities line, and a new circulating draft typically signals either a concession to unlock a committee markup or a hardening that resets the clock. The read-through channel is not the draft itself but the co-sponsor list and the committee calendar: versions that attract Democratic names move toward floor time, partisan drafts tend to stall. Past episodes of major crypto legislation have shown a repeated sequence of draft circulation, industry lobbying over definitions, and markup slippage, with market reaction concentrated in the listed proxies and exchange-linked names rather than in spot until a floor vote becomes plausible. Worth observing are the Banking and Agriculture committee responses, since jurisdiction over this bill is split between them and both must clear a version. Until text is public, this is process news rather than policy news.