Updated Crypto Clarity Act Circulates Ahead of Crucial Senate Vote
The long-awaited Crypto Clarity Act has been updated ahead of its key vote next week. The latest version includes new requirements for non-decentralized DeFi protocols, which must now register with the Commodity Futures Trading Commission (CFTC).
The bill also clarifies how federal credit unions can use digital assets and distributed ledger systems to provide services.
The Clarity Act aims to formally divide oversight between regulators, distinguishing between digital assets that are securities, commodities, or stablecoins. Crypto industry executives have long called for clear rules to be in place.
The updated bill was circulated by Senate Republicans on Thursday, after being delayed from its original August deadline due to disagreements over payment of customers' stablecoin yields.