Clarity Act adds new DeFi rules before Senate vote

Senate Republicans have released a revised 630-page Clarity Act that adds federal oversight for certain crypto trading protocols five days before a scheduled Sept. 15 procedural vote. Summary Senate Republicans released a 630-page Clarity Act draft before the September 15 procedural vote begins. The revised text creates CFTC registration rules for trading protocols that fail its decentralization standard. Lummis says Republicans incorporated more than 114 provisions requested by Democratic senators during negotiations and talks. Ethics language still gives the Justice Department primary enforcement authority and expires in January 2029. Sixty Senate votes are needed to advance the bill before debate and potential amendments begin. Sen. Cynthia Lummis said on Sept. 10 that Republicans had incorporated more than 114 provisions requested by Democratic senators during negotiations. The Wyoming Republican described the new version as a bipartisan product, although no Democratic senator had publicly endorsed the revised text when it was released. The Senate vote will determine whether lawmakers can begin formal debate on the crypto market structure bill. It is not a final vote on passage...