Senate Republicans Release Revised Clarity Act Ahead of September 15 Vote

In brief

• Senate Republicans released an updated Clarity Act on Thursday.
• The draft would require non-decentralized trading protocols to register with the CFTC.
• A Senate procedural vote is scheduled for September 15.

Senate Republicans released a revised Clarity Act on Thursday that targets “decentralized-in-name-only” crypto trading protocols.

The new language would require non-decentralized protocols, that is those controlled by people or groups, to register with the Commodity Futures Trading Commission.

Sen. 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.

“Let’s get this done!” she said.

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.