Key facts
- Senate Republicans released a revised 630-page CLARITY Act text on Thursday.
- The updated draft incorporates over 100 changes requested by Democrats.
- The bill requires non-decentralized crypto trading protocols to register with the CFTC.
- A Senate procedural vote on the CLARITY Act is scheduled for September 15.
Senate Republicans released an updated 630-page draft of the CLARITY Act on Thursday, aiming to establish a federal digital-asset market framework. The revised text incorporates over 100 changes requested by Democrats, addressing concerns about decentralized finance (DeFi) protocols and prediction markets. Senator Cynthia Lummis stated the updates reflect bipartisan work, specifying registration requirements for "decentralized-in-name-only" DeFi protocols with the Commodity Futures Trading Commission (CFTC) and limiting DeFi provisions to spot and cash transactions. A crucial procedural vote on the bill is scheduled for September 15.