White House · Polymarket · Donald Trump · CLARITY Act · US Senate · Republicans · CoinDesk
New Clarity Act text tweaks DeFi, credit union provisions, but road ahead for bill remains murky
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A new version of the Digital Asset Market Clarity offers tweaks to how the key crypto legislation would address activities by decentralized finance firms and some traditional finance firms engaging in crypto activities, but it isn't expected to represent a final compromise that will win sufficient support from Democrats.
Key facts
- Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume
- CoinDesk is holding its annual Policy and Regulation summit, featuring key lawmakers working on the Clarity Act, on Sept. 22 in Washington, D.C. Register here
- Republican Senator Cynthia Lummis, one of the bill's chief negotiators, argued for forging ahead on the bill rather than leaving crypto regulations up to sitting federal regulators, including
- We have incorporated more than 114 separate provisions at my Democrat colleagues' request, and as a result, this bill is a strong bipartisan product," said Lummis, who was among those still working
Summary
Senate Republicans circulated a fresh draft of the Clarity Act on Thursday, offering changes to decentralized finance and credit union provisions. The Senate returns from its August recess next week, and is scheduled to hold its first Clarity Act vote on Tuesday. It's unclear whether Democrats' major demand, a bipartisan ethics provision for senior government officials including the president, will reach an agreement, or if there's 60 votes for the bill now. The new text, circulated by Republican lawmakers on Thursday, features certain new requirements for decentralized finance entities.