Lummis Unveils Updated CLARITY Act Ahead of Crucial September Vote

The CLARITY Act has been updated by Senator Cynthia Lummis just days before its key Senate vote, which is set for September 15. The revised text contains over 100 changes requested by Democrats and reflects negotiations held during the August recess.

Lummis stated that the updates aim to address concerns raised by Democrats while helping the bill move toward Senate debate. She emphasized that 'this updated CLARITY Act text reflects bipartisan hard work over August.'

The revised bill includes stricter rules for decentralized finance (DeFi) protocols, which could be required to register with the Commodity Futures Trading Commission (CFTC). The DeFi rules also limit spot or cash digital commodity transactions.

Credit unions have received clearer rules for handling digital assets under the new language. They can now hold, store, and offer crypto services to their members, giving them clearer authority in this area.