Revised Clarity Act Crypto Bill Faces Crucial Vote as Democrats Remain Undecided

Senate Republicans have released a revised version of the Clarity Act crypto bill ahead of a critical September 15 cloture vote. The bill, which aims to regulate digital assets in the United States, has been stuck in limbo for over a year due to disagreements between Democrats and Republicans.

The updated bill includes several key changes, including forcing non-decentralized finance trading protocols to register with the Commodity Futures Trading Commission (CFTC) and requiring the CFTC and Treasury Department to write specific rules governing them. This is seen as an effort to draw a clear line between decentralized platforms and those that only appear decentralized on paper.

Another significant change is the narrowing of DeFi provisions to cover only spot and cash digital commodity transactions, which was aimed at addressing concerns from tribal governments about prediction markets. The bill also includes over 114 provisions requested by Democrats, but it still lacks a firm bloc of Democratic votes.