Lummis Unveils Revised CLARITY Act Ahead of Crucial Senate Vote
Senator Cynthia Lummis has unveiled an updated version of the CLARITY Act, a 630-page revised text containing over 100 changes requested by Democrats. The update reflects negotiations held during the August recess as Senate Republicans try to secure the 60 votes needed for the September 15 cloture vote.
The new version makes significant changes across several areas, including how the bill defines and regulates decentralized finance (DeFi). Under the updated text, 'decentralized-in-name-only' platforms could be required to register with the Commodity Futures Trading Commission (CFTC), creating clearer rules for these types of protocols.
The bill also limits its DeFi rules to spot or cash digital commodity transactions, addressing concerns from Native American tribes over blockchain-based prediction markets. Additionally, credit unions are given clearer rules for handling digital assets, allowing them to hold, store, and offer crypto services to their members.
Despite the changes, two major issues remain unchanged in the latest CLARITY Act version: the ethics section and the stablecoin rules. The bill still blocks federal officials and their spouses from sponsoring digital assets but does not include stronger rules targeting President Donald Trump's family business interests that Senate Democrats are seeking.