Senate Republicans Revise CLARITY Act Ahead of Crucial Vote

The Senate Republicans have released a revised version of the CLARITY Act, a comprehensive crypto market-structure bill. The new draft is a response to Democratic demands and includes over 114 separate provisions requested by their colleagues.

The bill's author, Senator Cynthia Lummis, framed the redraft as a 'strong bipartisan product' that addresses key concerns raised since its initial passage in May.

The substantive changes target issues such as the registration of decentralized-in-name-only trading protocols with the Commodity Futures Trading Commission and clarifications on how credit unions can conduct crypto activities. However, ethics provisions restricting officials from issuing digital assets remain largely unchanged.

Despite Lummis's characterization of the bill as a bipartisan effort, Politico reported that no Democratic senators currently support the revised text. This presents a challenge for Republicans, who require at least seven Democratic or independent crossovers to succeed in their September 15 cloture vote.