Sen. Cynthia Lummis (R-Wyo.) shared the updated draft of the CLARITY Act on Thursday, incorporating more than 100 Democrat-requested changes.
What’s New?
Lummis said the revised text lays out when DeFi protocols, even those claiming to be decentralized, must register with the Commodity Futures Trading Commission (CFTC). It also restricts DeFi provisions to spot and cash transactions.
The Republican said the changes were incorporated in response to “Native American concerns” about prediction markets.
“Overall, this text contains over 100 changes requested by Democrats. Let’s get this done,” Lummis stated.
Democrats Need to Vote for the Bill, Says Lummis
The updated draft, however, does not currently have support from Senate Democrats, according to a Politico report.
Lummis said Democrats secured over 115 wins in the bill text and got “almost everything they asked for.”
“Now they need to vote for the bill they built. Anything less is walking away from their own work,” she stated.
The Senate procedural vote remains on the calendar for Sept. 15. The bill still needs 60 votes, meaning all voting Republicans plus at least seven Democrats. Polymarket currently places the CLARITY Act’s passage odds at 18%.
Will Crypto See CLARITY Next Week?
The CLARITY Act continues to divide lawmakers across the political spectrum.
The key sticking point is an ethics requirement aimed at President Donald Trump’s family’s cryptocurrency dealings. Democrats haven’t accepted the updated draft that addressed these concerns.
On top of this, a new fight has emerged over whether cryptocurrency companies must separate their conflicting businesses. Democrats want the bill to force regulators to set minimum standards for vertically integrated cryptocurrency companies.
Earlier in the week, Treasury Secretary Scott Bessent urged the Senate to advance the CLARITY Act, warning that failure to do so could undermine America’s leadership in digital assets.
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