Senate Republicans Release Revised Clarity Act Ahead of September 15 Vote
Senate Republicans released a revised Clarity Act targeting “decentralized-in-name-only” crypto protocols. The new draft would require protocols controlled by identifiable people or groups to register with the CFTC, while limiting DeFi provisions to spot and cash transactions. Sen. Cynthia Lummis said the 630-page update includes more than 100 Democratic requests and was shaped by August bipartisan negotiations. The bill aims to create a federal digital-asset framework, define CFTC and SEC oversight, and open the door for broader crypto trading and token sales. It also directs the CFTC and Treasury to write rules for protocols that can be controlled or materially changed by humans. A September 15 procedural vote is seen as critical. Democrats have raised concerns about Trump’s crypto interests and are not backing the bill. Lobbying over stablecoin yield and other provisions has intensified, with crypto groups and bankers pressing senators for changes.
