Senate updates CLARITY Act before vote
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- Senate Republicans have circulated a new CLARITY Act draft with changes to DeFi and credit unions.
- The bill still needs 60 votes in the Senate on September 15.
- Democrats remain focused on ethics rules, leaving the bill’s path uncertain.
Senate Republicans have circulated a new CLARITY Act draft with changes to DeFi and credit-union rules.
The draft adds requirements for some DeFi projects and clarifies how credit unions can use digital assets.
“We have incorporated more than 114 separate provisions at my Democrat colleagues' request,” said Senator Cynthia Lummis.
The new text says some DeFi projects would need CFTC registration and Bank Secrecy Act requirements.
The bill also limits its DeFi provisions to spot and cash digital-commodity transactions, excluding prediction markets.
The Senate will hold its first procedural vote on September 15, with 60 votes needed to advance the bill.
Democrats still want bipartisan ethics rules for senior officials, while banking groups seek tighter limits on stablecoin rewards.
