US Senate Republicans Revise CLARITY Act, Bringing Non-Decentralized DeFi Protocols Under CFTC Registration

A revised version of the CLARITY Act has been released by U.S. Senate Republicans, bringing non-decentralized DeFi protocols under CFTC registration.

The new 630-page text incorporates over 100 amendments proposed by Democratic lawmakers and seeks to delineate the regulatory boundaries between the SEC and CFTC for the U.S. crypto market.

According to Chair of the Senate Banking Committee's Digital Assets Subcommittee Cynthia Lummis, the bill aims to register digital commodity exchanges, brokers, and dealers with the CFTC, while securities and tokenized stocks would remain under SEC oversight.