Republicans Release Final CLARITY Act Text Ahead of Cloture Vote

The removal of the sunset and the reversal on state AG enforcement point to a durable, more aggressively enforced framework rather than a temporary one, while the higher penalty ceiling and broader issuance and sponsorship bans signal that compliance risk is being pushed onto sponsors and issuers rather than the states. That shift matters most for projects weighing U.S. issuance and for the state regulators who lose a lever. The open question is whether the cloture vote holds the text intact, since the ethics provisions remain the most politically exposed part of the bill.