Clarity Act supporters push back as opposition stands firm against latest draft

The crypto industry is currently divided over the revised draft of the Digital Asset Market Clarity Act, commonly known as the Clarity Act. 

The draft was released on Sunday night ahead of a Senate cloture vote that is scheduled for Tuesday, September 15.

It has also drawn formal opposition from a bipartisan group of 18 state attorneys general who warn that it could shield scammers.

The last-minute rewrite was aimed at securing the 60 votes needed to advance the bill.

Two of the most contested pieces of the legislation, the criminal-liability shield for software developers and the treatment of stablecoin rewards, have been reworked.

However, neither of the changes has proved to be enough to set everyone at rest.

What developers kept, and what they lost

The clearest flashpoint is the Blockchain Regulatory Certainty Act, or BRCA, which the Clarity Act would fold in.

Jason Somensatto, who is the head of policy at advocacy group Coin Center, wrote that the new Section 10604(c) still spares a “non-controlling blockchain developer or provider” from being classified as a money transmitting business under Title 31, a FinCEN-regulated money transmitter, or a financial institution.

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