Revised Clarity Act Released as Senate Vote Looms
Senate Republicans have released a revised version of the Clarity Act, a bill aimed at regulating the cryptocurrency market. The new legislation comes ahead of a crucial procedural vote scheduled for September 15.
The revised 630-page bill adds new rules for non-decentralized finance protocols and targets entities that can materially control decentralized trading protocols. These entities would need to register with the Commodity Futures Trading Commission, while the CFTC and Treasury would develop rules governing these activities.
Lawmakers hope the updated bill will address concerns from tribal governments over prediction markets and clarify rules for crypto activities by credit unions. However, Democrats have yet to support the revised legislation, raising questions about whether Republicans can secure enough votes.