Crypto
Revised Clarity Act Mandates CFTC Registration for Non-DeFi Protocols
US Senate Republicans have introduced a revised version of the Clarity Act, which aims to regulate the cryptocurrency market. The bill requires non-decentralized DeFi protocols to register with the Commodity Futures Trading Commission (CFTC), aligning with Section 10301 of the Senate Banking Committee version.
The revisions also limit DeFi provisions to digital commodity spot or cash transactions to address concerns from Native American tribes over blockchain prediction markets. Additionally, the bill clarifies the authority of credit unions to conduct cryptocurrency-related activities.