On Sunday night Senate Republicans put out what they call the final text of the CLARITY Act. It is the bill that settles which American regulator is in charge of crypto, and on Tuesday the Senate votes on whether to start debating it at all.

They say the new draft carries 126 changes the Democrats asked for. Last week's text carried 114, and Senator Cynthia Lummis said then that it still had no Democrat backing.

The new text also carries ethics language. It tracks a proposal from Senators Thom Tillis and Ruben Gallego, and it requires a public official who owns crypto to sell it or put it into a blind trust. The Associated Press reported that Trump agreed to that.

Now go back six days. On 8 September, Republican senators were telling reporters the bill was likely to fail, and Tillis said it would fail unless the White House closed the gap over the ethics provisions. The new text closes that gap, using Tillis's own proposal to do it.

He named the condition and the White House met it.

Tuesday's vote is cloture, which is the Senate deciding whether it is willing to open debate. It isn't passage and it doesn't make anything law. What it tells you is whether Democrats will vote for this bill, because their votes have been the stated obstacle since the end of August.

Traders are not convinced. On Polymarket, where people bet money on real-world outcomes, the chance of the bill being signed into law this year sits at 30%. That's up from 17% when we last showed you the number on 11 September, and most of the move landed after the final text went out.

Tuesday is the first real test of whether this bill happens at all.

Stellar's latest report to the people who hold its token records the strongest run of institutional use the network has had.

Tokenized real-world assets on it doubled to $3 billion. Payment volume rose 68.8% to $16.43 billion. The Depository Trust and Clearing Corporation, which settles most American share trades, picked the network for tokenized-securities trials.

Now the other half of the report. Fees on the network are tiny, and they are neither burned nor paid out to holders. Circulating supply grew 2.8% over the quarter, and four issuers hold 92.5% of the tokenized assets.

The network got busier and the supply of the token got bigger. Adoption and the token aren't the same thing, and this report shows you the machinery that keeps them apart.

Last week held four trading days, not five, because Monday was Labor Day. Over 8, 9, 10 and 11 September the American spot bitcoin funds lost $46.6 million, then $120.2 million, then $282.7 million, then $13.2 million. That comes to $462.7 million.

The ether funds took in $196.9 million net over the same four days. The Friday alone was $216.4 million.

On Sunday we told you more money went into the bitcoin funds than came out, and we aren't taking that back. We were counting seven days from 2 September, and one of them brought in $730.8 million. The trading week started on the 8th.

If you hold bitcoin through a fund, there wasn't a good day in that week.