Senate Democrats are panning the latest text of a bill meant to regulate cryptocurrency.

Top Senate Republicans released a revised draft of the Clarity Act (H.R. 3633;BGOV Bill Analysis) with new ethics language that they say reflects more than a year of bipartisan talks and 126 changes requested by Democrats. The Senate is scheduled to take a procedural vote on the bill Tuesday.

Democrats weren’t ready to commit Monday on how they would vote, citing concerns over the ethics language as their main deterrent. Sen. Mark Warner (D-Va.) said Democrats have a counteroffer for the GOP. …