Revised CLARITY Act Released Ahead of September 15 Cloture Vote

Senate Republicans have released a revised version of the CLARITY Act, a comprehensive crypto market-structure bill that was cleared by the Senate Banking Committee in May. The new draft is over 630 pages long and incorporates more than 114 separate provisions requested by Democratic senators.

Senator Cynthia Lummis framed the redraft as a direct response to Democratic demands, saying 'We have incorporated more than 114 separate provisions at my Democrat colleagues' request.' The bill now requires what it calls 'decentralized-in-name-only' trading protocols to register with the Commodity Futures Trading Commission.

The CLARITY Act still faces significant opposition from Democrats, who are needed for a cloture vote on September 15. Despite Lummis's characterization of the revised text as a 'strong bipartisan product', no Democratic senators currently support it.