CLARITY Act Vote Looms as Disputed Provisions Remain

A revised version of the CLARITY Act has been released, retaining disputed ethics and stablecoin yield provisions. The updated legislation adds rules covering non-decentralized finance trading protocols.

The Senate is scheduled to vote on cloture for the motion to proceed with the bill on September 15 at 2:15 p.m. ET. If successful, debate can continue while negotiations remain open on ethics and stablecoin yield issues.

The revised bill expands the decentralized finance framework by defining non-decentralized finance protocols as those where identifiable parties have control over rules or usage. Regulators will be required to clarify compliance duties for persons controlling covered protocols.

Separate treatment is preserved for decentralized governance systems and incident-response councils. Federal credit unions are given explicit digital-asset authority, which they can use for activities already permitted under existing law.