Senate Republicans Unveil Revised Clarity Act Targeting Non-Decentralized Protocols
- The revised Clarity Act requires non-decentralized trading protocols to register with the Commodity Futures Trading Commission (CFTC).
- A Senate procedural vote on the Clarity Act is scheduled for September 15.
- The updated legislation includes over 100 changes requested by Democrats, aiming to establish a federal digital-asset market framework.
- Senator Cynthia Lummis emphasized bipartisan efforts and urged Democrats to support the bill, which incorporates their requested changes.
- The bill directs the CFTC and Treasury to develop rules for trading protocols that can be controlled or materially altered by people or groups.
The revised Clarity Act aims to clarify regulatory responsibilities and legalize most cryptocurrency activity in the U.S., drawing jurisdictional lines between the CFTC and SEC. The procedural vote on September 15 is seen as crucial for this long-anticipated legislation.
If passed, the Clarity Act would enable crypto startups to raise funds through token sales again, addressing Native American concerns about prediction markets and specifying when DeFi protocols must register with the CFTC. (Source)
