Senate Republicans Reveal Revised Clarity Act Ahead of Crucial Crypto Vote
Senate Republicans have released a revised version of the Clarity Act, a crypto market structure bill that will come up for a crucial procedural vote on September 15. The 630-page document includes new rules for non-decentralized finance protocols and targets entities that can control decentralized trading protocols.
The revised bill requires these entities to register with the Commodity Futures Trading Commission (CFTC) and adds provisions for spot and cash digital commodity transactions, addressing concerns from tribal governments over prediction markets. The CFTC and Treasury would also develop rules governing these activities.
Despite the revisions, Democrats have yet to support the bill, raising questions about whether Republicans can secure enough votes. Sen. Cynthia Lummis said that more than 114 provisions requested by Democrats were incorporated into the revised bill, but Politico reported that Democrats do not currently back the updated legislation.