Senate Revises Clarity Act Ahead of September 15 Crypto Vote

Senate Republicans released a revised 630-page draft of the CLARITY Act on September 10, adding registration requirements for controlled or non-decentralized trading protocols under Commodity Futures Trading Commission oversight. The revision arrives five days before a scheduled Senate cloture motion on the bill is due to ripen.

Revised CLARITY Act adds protocol oversight

The new draft introduces a registration framework for trading protocols that are controlled rather than decentralized, according to The Block. The change adds a more specific regulatory route for protocols that fall outside the bill’s decentralization threshold.

H.R. 3633 is formally titled the Digital Asset Market Clarity Act. The Senate’s current process concerns a motion to proceed to the House-passed measure, rather than final passage of the legislation itself.

CFTC and Treasury rulemaking

According to Decrypt, the revised text directs the CFTC and Treasury to write rules for covered trading protocols, while the bill’s ethics provisions were largely unchanged in the rewrite.

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