The updated Clarity Act introduces over 100 changes, including specific registration requirements for decentralized finance protocols with the Commodity Futures Trading Commission. The bill limits DeFi provisions to spot and cash transactions to address concerns regarding prediction markets.
A procedural cloture vote is scheduled for September 15. The motion requires support from 60 senators to proceed to debate. Democratic senators have conditioned their support on the inclusion of an ethics agreement that would restrict government officials from profiting from crypto businesses.
Banking industry groups, including the American Bankers Association and the Independent Community Bankers of America, have raised concerns regarding Section 10404 of the bill. They argue that the current language regarding stablecoin interest and yield programs lacks sufficient clarity to distinguish stablecoins from bank products.
Industry organizations such as the Blockchain Association and The Digital Chamber have expressed support for the updated text. They emphasize that the draft is the result of years of bipartisan negotiations and argue that the Senate must act to maintain U.S. leadership in digital asset innovation.
