Donald Trump · US Senate · Republicans · CLARITY Act · Cynthia Lummis · DOJ · The Block
Senate Republicans unveil revised crypto bill ahead of key Clarity Act vote next week
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Ahead of a pivotal initial vote next week, Senate Republicans released a revised version of the landmark Clarity Act cryptocurrency legislation that includes new rule language for "non-decentralized finance protocols.
Key facts
- Cynthia Lummis and other fellow Republicans released a 630-page bill text
- The provision would be enforced by the Justice Department, not state attorneys general, and would expire in January 2029
- The Clarity Act faces a dicey path to President Donald Trump ’s desk
- Those non-DeFi trading protocols would need to register with the Commodity Futures Trading Commission, and the bill directs the CFTC and Treasury to write rules
Summary
"The team have incorporated more than 114 separate provisions at their Democrat colleagues' request, and as a result, this bill is a strong bipartisan product," Lummis said in a statement. Over the past year, the Senate has been trying to advance the Clarity Act, which would regulate the crypto industry for the first time at the federal level. The Clarity Act faces a dicey path to President Donald Trump ’s desk. In July, Trump agreed to an ethics provision barring public officials, employees and their spouses from issuing or sponsoring digital assets.