Lummis Unveils Revised CLARITY Act Ahead of Crucial Senate Vote
Senator Cynthia Lummis has unveiled an updated version of the Digital Asset Market Clarity Act, also known as the CLARITY Act, ahead of a procedural vote scheduled for September 15. The revised bill divides federal oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The measure would require non-decentralized DeFi protocols to register with the CFTC and comply with the Bank Secrecy Act, a federal anti-money laundering statute. The revised text also narrows DeFi provisions to spot and cash digital commodity transactions.
Lummis stated that the new draft reflects negotiations that continued through the Senate's August recess, incorporating over 114 separate provisions requested by her Democrat colleagues.