- Senate Republicans released an updated Clarity Act on Thursday targeting non-decentralized crypto trading protocols.
- The bill would require protocols controlled by people or groups to register with the Commodity Futures Trading Commission.
- A Senate procedural vote is scheduled for September 15, viewed as a pivotal moment for the legislation.
- Sen. Cynthia Lummis said the new version contains over 100 changes requested by Democrats.
Senate Republicans released a revised Clarity Act on Thursday that targets “decentralized-in-name-only” crypto trading protocols, with a procedural vote set for September 15. Sen. Cynthia Lummis unveiled the 630-page updated legislation, which would require non-decentralized protocols to register with the Commodity Futures Trading Commission.
The Clarity Act aims to establish a federal digital-asset market framework and clarify regulatory responsibilities between the CFTC and SEC. Lummis said on X that the updated text reflects bipartisan work over August and limits DeFi provisions to spot and cash transactions in response to Native American concerns about prediction markets.
If passed, the bill would effectively legalize most cryptocurrency activity in the United States and clear the way for crypto startups to raise funds through token sales. The new draft directs the CFTC and Treasury to develop rules for trading protocols that people or groups can materially alter.
However, according to a report by Politico, no Democrats are in support of the new bill. They have sought broader restrictions addressing President Donald Trump‘s crypto interests. Lummis urged Democrats to support the bill, saying it incorporates their requested changes.
“They demanded the felony bar on fraudsters, $150 million for the CFTC, the crackdown on platforms like Binance, and they got almost everything they asked for,” Lummis said on X. “Now they need to vote for the bill they built.”
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