Lummis Unveils Revised CLARITY Act Ahead of Crucial Senate Vote

Senator Cynthia Lummis has released an updated version of the CLARITY Act, which includes over 100 changes requested by Democrats. The revised bill is now 630 pages long and addresses concerns raised by various groups.

The update makes significant changes to how decentralized finance (DeFi) is defined and regulated. Under the new rules, protocols that call themselves decentralized but remain controlled by a company or individual could be required to register with the Commodity Futures Trading Commission (CFTC).

Another key change gives credit unions clearer authority to provide digital asset services to their members.

The stablecoin rules and ethics section of the bill have not been changed. The September 15 cloture vote is now critical, as lawmakers try to bridge remaining gaps before deciding whether the CLARITY Act moves forward.