Senate Republicans Reveal Revised Clarity Act to Target 'Fake' Decentralized Crypto Protocols
Senate Republicans have revised the Clarity Act to target 'decentralized-in-name-only' crypto trading protocols, which would require them to register with the Commodity Futures Trading Commission (CFTC).
The bill, led by Sen. Cynthia Lummis, sets a federal framework for digital assets and divides oversight between the CFTC and the Securities and Exchange Commission.
Lummis says the revised text includes over 114 provisions requested by Democrats, including limits on DeFi rules to spot and cash transactions in digital commodities and clarifications on how credit unions handle crypto.
The bill has been stuck in the Senate for more than a year, with a procedural vote scheduled for September 15 that requires 60 senators to advance. It's unclear whether Republicans have enough votes to move forward.