Senate Republicans Revise Clarity Act Ahead of Crucial Vote
Senate Republicans have released a revised version of the Clarity Act, a bill aimed at regulating the crypto market structure. The 630-page legislation targets non-decentralized finance protocols and requires entities that can materially control decentralized trading protocols to register with the Commodity Futures Trading Commission.
The bill also narrows certain DeFi provisions to spot and cash digital commodity transactions. This is part of lawmakers' efforts to create clearer rules for these activities. The CFTC and Treasury would work together to develop new guidelines governing these matters.
Despite the revised bill, Democrats have yet to express support for it, leaving questions about whether Republicans can secure enough votes. A crucial procedural vote on the Clarity Act is scheduled for September 15.