Senate Republicans Push Updated CLARITY Act Ahead of Vote

Senate Republicans just released fresh text for the CLARITY Act ahead of a crucial procedural vote scheduled for September 15. The updated bill includes over one hundred changes requested by Democrats during weeks of talks over the summer recess. Key additions target so called decentralized finance protocols that actually operate with central control, requiring them to register with the Commodity Futures Trading Commission.

The revised draft also gives credit unions clearer rules for handling digital assets and limits the finance provisions to spot transactions. Senator Cynthia Lummis championed the updates, noting they include major priorities for the other party, such as tougher penalties for fraudsters and funding for regulators. Coinbase CEO Brian Armstrong also voiced support for the bill, urging lawmakers to push it forward.

Despite the updates, major hurdles remain before the upcoming vote. The latest draft leaves the controversial ethics provisions untouched, which continues to block broader Democratic support. Lawmakers remain split over rules requiring officials to divest crypto holdings or use blind trusts. Traders should watch the Senate floor closely this week, because the 60 vote threshold means Republicans still need bipartisan backing to move the legislation forward.