Crypto
CLARITY Act Updated Ahead of September 15 Vote, Ethics Provisions Remain Unchanged
Senate Republicans have updated the CLARITY Act ahead of its September 15 procedural vote, incorporating over 115 Democratic 'wins' into the bill. However, ethics rules remain unchanged.
The revised text requires non-decentralized DeFi protocols to register with the Commodity Futures Trading Commission (CFTC), and limits the DeFi provisions to spot or cash digital commodity transactions.
Credit unions have gained clearer authority to deal in crypto under the revised language. Republican Senator Cynthia Lummis described the revisions as the product of bipartisan negotiations, saying the updated text contains more than 100 changes requested by Democrats.