CoinDesk
Senate Republicans circulated a revised Digital Asset Market Clarity Act draft on Thursday, changing provisions governing decentralized finance, digital commodities and credit unions with crypto activities. The measure is scheduled for its first Senate vote on Tuesday, Sept. 15, when supporters will need 60 votes to advance.
The draft adds requirements for when DeFi projects must register with the Commodity Futures Trading Commission and comply with the Bank Secrecy Act. It also specifies that its DeFi provisions target spot-market and cash transactions in digital commodities rather than prediction markets. Credit unions would receive additional guidance for their role in digital-asset activities.
Senator Cynthia Lummis said the legislation incorporates more than 114 provisions requested by Democratic colleagues. She argued that a statute would give crypto businesses more durable treatment than regulations written by the Securities and Exchange Commission and CFTC, which would continue developing digital-asset rules with or without congressional action.
Why it matters
The bill is designed to define how federal regulators oversee crypto markets and potentially provide the industry with a lasting framework. DeFi developers and credit unions have sought clearer obligations, but the latest changes do not settle the central political questions surrounding the legislation.
A bipartisan ethics proposal covering crypto interests held by President Donald Trump and other senior officials remains unresolved. Key Democrats have said they will not support the bill without a deal, while Republican senators have also raised concerns about parts of the draft. The administration of White House crypto adviser Patrick Witt has urged senators to advance the procedural motion and continue negotiations.
Market impact
Reaching the 60-vote threshold would keep negotiations alive but would not guarantee final passage. The draft's treatment of stablecoin rewards has drawn objections from the American Bankers Association, Independent Community Bankers of America and 77 state banking associations, which want tighter restrictions.
Frequently asked questions
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What changed in the revised Clarity Act draft?
The draft adds requirements for when DeFi projects register with the CFTC and comply with the Bank Secrecy Act. It also clarifies the treatment of digital-commodity spot trades and credit unions with crypto activities.
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How many votes are needed to advance the Clarity Act?
The Senate cloture vote scheduled for Tuesday, Sept. 15, requires 60 votes in favor. The bill would need support from both Republicans and Democrats.
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Why do some Democrats oppose advancing the bill?
Key Democrats have sought a bipartisan ethics provision covering crypto interests involving President Donald Trump and other senior government officials. They have indicated that the bill lacks their support without an agreement.
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What role would the CFTC have under the revised draft?
The CFTC would oversee specified obligations for DeFi projects, including registration and Bank Secrecy Act requirements. Implementation would still depend on further regulatory work.
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What other provision is drawing opposition?
The treatment of stablecoin rewards and yield has prompted concerns from banking industry groups. The American Bankers Association, Independent Community Bankers of America and 77 state banking associations requested greater restrictions.
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