TLDR:CLARITY’s final draft requires independent audits once crypto projects raise more than $25 million publicly.The Senate’s September 15 cloture vote failed 49-50, leaving the broader crypto market bill stalled.Lummis says the $25M audit threshold was a Democratic request included in the final 635-page Senate draft.Democrats said unresolved ethics, illicit-finance and enforcement concerns drove opposition to the package.The Senate fight over the CLARITY Act has moved from a failed procedural vote to a narrower dispute over a $25 million audit threshold. Sen. Cynthia Lummis renewed that argument on September 20, saying Democrats rejected a transparency measure they had requested during negotiations.Democrats demanded audited financial statements for any crypto project raising more than $25 million from the public. It’s in the bill. Democrats voted against the transparency they asked for.— Senator Cynthia Lummis (@SenLummis) September 20, 2026Her criticism centers on financial reporting rules for crypto projects raising money from the public. The final CLARITY draft supports the existence of that requirement, although the September 15 vote did not isolate it. Instead, senators voted on whether to advance the broader 635-page CLARITY package.$25M Audit Rule Takes Center Stage After CLARITY VoteUnder the draft, “ancillary asset originators” raising $25 million or less must provide financial statements reviewed by an independent public accountant. Once public gross proceeds exceed $25 million, those statements must undergo an independent audit.The required disclosures extend well beyond financial statements. Projects would also report management details, legal proceedings, risk factors, major ownership positions and related-party transactions.Lummis’ office separately listed the threshold as item 30 in “126 Democratic Wins in Clarity,” describing it as a Democratic-requested change. The same document said negotiators lowered the annual Regulation Crypto fundraising cap from $75 million to $50 million.It also placed a $200 million lifetime ceiling on fundraising under that framework. Together, those provisions show that financial disclosure rules formed part of the negotiated Senate text before the floor vote.However, the Senate did not vote directly on the $25 million audit requirement. Instead, it voted on cloture for the motion to proceed to H.R. 3633, which failed 49-50.49-50 Cloture Defeat Leaves Wider Senate Deal UnresolvedThe motion needed 60 votes, leaving the measure 11 votes short. All 49 yes votes came from Republicans, while four Republicans also voted no. Sen. Thom Tillis voted no so he could move to reconsider the vote, according to the Senate Daily Press.That procedural step preserved a route for another attempt. Democratic senators said their objections focused on unresolved provisions elsewhere in the package. Sen. Mark Warner cited ethics restrictions involving senior public officials, while supporting digital-asset regulation more broadly.Sen. Catherine Cortez Masto pointed to illicit finance, law-enforcement powers, prediction markets and ethics. Those objections make the audit threshold only one part of a larger negotiation. Seven Democratic senators later said the setback was “not the end” and pledged continued bipartisan talks.That leaves the $25 million rule intact in the draft, but tied to a wider agreement that still lacks enough Senate support. For now, the clash has shifted from whether transparency was included to whether agreement on that provision can overcome disputes that sank the broader procedural vote.The post Senate Crypto Clash Shifts to $25M Audit Rule After CLARITY Vote Collapse appeared first on Blockonomi.