Republicans Unveil Revised Crypto Bill with New Rule Language
Senate Republicans have released a revised version of the Clarity Act, a landmark cryptocurrency legislation. The bill includes new rule language for 'non-decentralized finance protocols' and addresses concerns from tribal governments about prediction markets.
The updated text also includes changes to how credit unions conduct crypto activities, according to Sen. Cynthia Lummis, who spearheaded the effort.
Lummis said that the bill incorporates over 114 separate provisions requested by Democrat colleagues and is a 'strong bipartisan product.'
The Clarity Act aims to regulate the crypto industry at the federal level for the first time and will have its initial vote on September 15. However, it faces a challenging path ahead, with Democrats criticizing the ethics language as insufficient.