Senate Republicans have circulated a new 630-page version of the CLARITY Act just days before a critical procedural vote.

The legislation is highly consequential for the broader cryptocurrency market, including Bitcoin, XRP and Ethereum.

Journalist Brendan Pedersen reported Thursday that the latest text remains a Republican proposal rather than a bipartisan agreement.

According to Pedersen, Democrats who have shown interest in crypto legislation remain skeptical, with one Democratic aide describing the unresolved ethics dispute as the “biggest stumbling block by far.”

“This latest proposal does nothing to resolve those concerns,” the aide said.

That could become a decisive problem next week. The Senate’s cloture motion on the motion to…