Republicans Circulate Revised Crypto Bill Ahead of Crucial Senate Vote
A new version of the CLARITY Act has been released by Senate Republicans, just days before a crucial procedural vote scheduled for September 15. The bill's revisions aim to address concerns around decentralized finance (DeFi) and digital commodities.
The latest draft distinguishes between genuinely decentralized protocols and 'non-decentralized finance trading protocols,' while retaining protections for software developers.
The revised DeFi language focuses on digital-commodity cash and spot markets, with the bill also strengthening language concerning credit unions. Regulators would retain their supervisory and enforcement powers under the updated draft.
Democrats remain skeptical about the bill, with one aide describing the unresolved ethics dispute as the 'biggest stumbling block by far.' The current text lacks bipartisan support, making it uncertain whether the legislation can advance.