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Clarity Act: Senate Republicans release revised crypto bill ahead of September 15 vote
Senate Republicans have released a revised 630-page draft of the CLARITY Act, a major piece of digital asset market-structure legislation. The updated text incorporates over 100 changes requested by Democrats, according to Senator Cynthia Lummis, in an effort to secure the 60 votes required for a procedural cloture vote scheduled for September 15.
Key revisions in the new draft focus on defining and regulating “non-decentralized finance trading protocols.” These are entities where a person or group maintains the ability to materially alter functions or rules. Such protocols would be required to register with the Commodity Futures Trading Commission (CFTC). Additionally, the bill narrows DeFi provisions to cover only spot and cash transactions, a move intended to address concerns regarding prediction markets.
Despite these bipartisan adjustments, political hurdles remain. Disagreements persist regarding ethics provisions for high-ranking officials and the treatment of stablecoin yields. While some industry leaders, including Coinbase CEO Brian Armstrong, suggest that regulatory clarity may emerge from agency rulemaking even if the bill fails, supporters argue that passing the legislation is vital to maintaining U.S. leadership in the digital asset sector.
Entities
Brian Armstrong · Coinbase · Commodity Futures Trading Commission · Cynthia Lummis · Securities and Exchange Commission · Senate · Senate Republicans · United States Senate
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Over 67 million Americans, or approximately one in four adults, own cryptocurrency. www.cryptoninjas.net
- [○ 1 SOURCE] The legislation is necessary to combat illicit activity involving cryptocurrencies.
- [○ 1 SOURCE] Supporters contacted Congress nearly 50,000 times during August. mugglehead.com
- [● 10 SOURCES] A motion to proceed on the CLARITY Act requires 60 votes for cloture. www.cryptoninjas.net · cryptoweek.fr · nosmokesport.com · coingape.com · crypto.news · +3 more
- [● 2 SOURCES] The CLARITY Act should include a prohibition on stablecoin yield to protect community bank lending. mugglehead.com · coingape.com
- [● 2 SOURCES] The CLARITY Act is a regulatory and national security priority. bitcoinethereumnews.com
- [● 2 SOURCES] The Independent Community Bankers of America is urging a prohibition on stablecoin yield to protect local community bank lending. mugglehead.com · coingape.com
- [○ 1 SOURCE] A motion to proceed regarding the CLARITY Act was filed on August 8.
- [○ 1 SOURCE] Scott Bessent urged the Senate to advance the CLARITY Act to maintain U.S. leadership and enhance national security tools.
- [● 10 SOURCES] The procedural vote to advance the Clarity Act requires 60 Senate votes. nosmokesport.com · www.cryptoninjas.net · cryptonewsland.com · coindoo.com · crypto.news · +2 more
- [● 7 SOURCES] Senate Republicans released a revised version of the Clarity Act on Thursday. bitnewsbot.com · coindoo.com · decrypt.co · blockcast.cc · crypto.news
- [● 18 SOURCES] A Senate procedural vote on the Clarity Act is scheduled for September 15. bitnewsbot.com · nosmokesport.com · mugglehead.com · www.cryptoninjas.net · blockcast.cc · +10 more