CLARITY Act Revised Ahead of Crucial September 15 Vote
Senate Republicans have released revised language for the CLARITY Act ahead of its September 15 procedural vote. The changes aim to address lingering disputes over crypto ethics, stablecoins, decentralized finance (DeFi), and anti-money laundering (AML) rules.
The bill has been a topic of controversy due to potential conflicts involving President Donald Trump's cryptocurrency interests. The revised legislation includes new provisions governing certain non-DeFi trading protocols and directs the Commodity Futures Trading Commission and Treasury Department to develop related rules.
The ethics provisions remain a sensitive issue, with Democratic lawmakers arguing that they do not go far enough. The revised language attempts to distinguish decentralized software from systems controlled or materially altered by identifiable parties.
The Senate needs 60 votes to invoke cloture, and Republicans currently hold only 53 seats. Any Republican defections would raise the number of votes required from across the aisle, making it a challenging hurdle for the bill's passage.