U.S. Senate Republicans have released a revised version of the CLARITY Act just days before a first procedural vote scheduled for Sept. 15. The 630-page bill, published Thursday by Senator Cynthia Lummis and other Republican senators, is described as incorporating 114 amendment proposals raised by Democrats. Republicans say the measure is designed to create the first comprehensive U.S. regulatory framework for crypto markets. The updated text also adds provisions covering "decentralized finance trading protocols," requiring protocols that meet the bill’s definition to register with the Commodity Futures Trading Commission, while related rules would be drafted by the CFTC and the U.S. Treasury Department. At the same time, the bill clarifies that its DeFi provisions mainly apply to spot and cash digital commodity transactions. The path forward remains uncertain. The new draft makes no major changes to ethics provisions, which would still be enforced by the Department of Justice, while Democrats had previously sought to give state attorneys general broader enforcement authority. Stablecoin yield, illicit finance, and conflicts tied to Trump’s crypto asset interests remain central sticking points in bipartisan talks. Because moving the bill forward requires 60 votes and Republicans currently hold 53 seats, Democratic backing is likely to determine whether the legislation advances.
U.S. Senate Republicans released a revised text of the CLARITY Act on Sept. 11, just days before the chamber’s first procedural vote on the bill scheduled for Sept. 15.
Senator Cynthia Lummis and other Republican senators published the 630-page revised measure on Thursday, saying it incorporates 114 amendment proposals put forward by Democrats. Republicans said the bill is intended to establish the first comprehensive regulatory framework for crypto markets in the United States.
New provisions target DeFi trading protocols
The updated draft adds regulatory provisions for "decentralized finance trading protocols." Protocols that fall within the bill’s definition would be required to register with the Commodity Futures Trading Commission, or CFTC, with implementing rules to be written by the CFTC and the U.S. Treasury Department.
The bill also more clearly states that its DeFi-related provisions mainly apply to spot and cash digital commodity transactions.
Bipartisan disagreements remain
It is still unclear whether the legislation can advance. The revised text makes no major changes to ethics provisions, and enforcement would remain with the Department of Justice. Democrats had previously pushed to give state attorneys general greater enforcement authority.
Stablecoin yield, illicit finance, and conflicts involving Trump’s crypto asset interests remain the main obstacles in negotiations between the two parties.
Sept. 15 vote seen as the next test
The Senate is set to hold a procedural vote on whether to advance the CLARITY Act on Sept. 15. Because 60 votes are needed to move the process forward and Republicans currently hold 53 seats, support from Democrats will be critical to the bill’s path ahead.
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