US Senate · Republicans · CLARITY Act · Cynthia Lummis · U.S. · Decrypt
Senate Republicans Release Revised Clarity Act Ahead of September 15 Vote
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Senate Republicans released a revised Clarity Act on Thursday that targets “decentralized-in-name-only” crypto trading protocols.
Key facts
- They demanded the felony bar on fraudsters, $150M for the CFTC, the crackdown on platforms like Binance, and they got almost everything they asked
- A Senate procedural vote on the Clarity Act, scheduled for September 15, is widely viewed as a do-or-die moment for the long-anticipated crypto legislation
- The Clarity Act, if passed, would effectively legalize most cryptocurrency activity in the United States, draw jurisdictional lines between the CFTC and SEC, and largely clear the way for crypto
- Senate Republicans released a revised Clarity Act on Thursday that targets “decentralized-in-name-only” crypto trading protocols
Summary
The draft would require non-decentralized trading protocols to register with the CFTC. The new language would require non-decentralized protocols, that is those controlled by people or groups, to register with the Commodity Futures Trading Commission. Cynthia Lummis (R., Wyo.) unveiled the 630-page updated legislation ahead of the September 15 procedural vote to pass the Clarity Act, which seeks to establish a federal digital-asset market framework and clarify regulatory responsibilities. “This updated Clarity Act text reflects bipartisan hard work over August—specifying when decentralized-in-name-only DeFi protocols must register with the CFTC and limiting the DeFi provisions to spot and cash transactions, in response to Native American concerns about prediction markets,” Lummis wrote on X, adding that the new version contains over 100 changes requested by Democrats.