Revised CLARITY Act Targets Centralized DeFi Operators with Regulatory Framework
A revised version of the CLARITY Act has emerged, aiming to create a regulatory path in the United States for certain crypto trading protocols that are not 'decentralized finance' in the strict sense.
The updated draft directs the SEC and CFTC to write rules for how qualifying protocol controllers should handle core obligations such as registration, market conduct, disclosures, recordkeeping, and supervision, while the Treasury outlines how existing Bank Secrecy Act (BSA) requirements apply.
The measure's immediate momentum depends on a key procedural step in the Senate, with advancing the bill requiring 60 votes, an arithmetic that effectively forces Republicans to win at least some Democratic support despite lingering disagreements over ethics provisions, anti-money laundering protections, and stablecoin-related rewards.