Updated Crypto Clarity Act Starts Circulating Days Before Key Vote
Bitcoin Magazine
Updated Crypto Clarity Act Starts Circulating Days Before Key Vote
A new draft of the long-awaited crypto Clarity Act has dropped with amendments.
As first reported by Eleanor Terrett from Crypto in America and Punchbowl’s Brendan Pedersen, the updated bill contains changes including requiring non-decentralized DeFi protocols to register with the CFTC, and changes around how credit unions deal in crypto, according to reporters.
The specifics include that a decentralized finance app fails the test of being such a protocol test if someone can control or materially alter its functionality, if it doesn’t run solely on pre-established transparent encoded rules, or if someone can restrict or censor its use.
It also adds that a federal credit union may use a digital asset or distributed ledger system to perform, provide, or deliver any activity, function, product, or service it is otherwise authorized by law to perform.
