Senate Republicans Release Revised Clarity Act Crypto Bill Before Key Vote
Revised Clarity Act Bill Unveiled Ahead of Senate Vote
Senate Republicans, led by Senator Cynthia Lummis, released a revised version of the Clarity Act cryptocurrency legislation on September 10, 2026. The bill aims to establish the first federal regulations for the crypto industry. It comes just before a procedural vote scheduled for September 15, as the Senate returns to Washington with limited time.
Key Changes in the 630-Page Draft
- The bill now includes specific rules for "non-decentralized finance trading protocols," which are defined as platforms controlled by a person or group that can alter their functionality.
- These non-DeFi protocols must register with the Commodity Futures Trading Commission (CFTC), a government agency that oversees derivatives markets.
- The CFTC and Treasury Department are directed to write the detailed rules for these protocols.
- The ethics provision, which bars public officials from issuing or sponsoring digital assets, remains largely unchanged and is enforced by the Justice Department.
Lummis Calls for Lasting Legislation
Senator Lummis stated in a press release that the updated bill incorporates over 114 provisions from Democratic colleagues, calling it a "strong bipartisan product." She argued that legislation provides a lasting solution for the crypto industry, unlike administrative rulemaking that can change with different administrations.
Lack of Democratic Support Reported
According to a report from Politico, the latest bill text does not have support from Democrats. An anonymous crypto industry source told The Block that the addition of non-DeFi protocol rules was something Democrats had requested. The ethics portion still does not include significant changes from the previous version that Democrats criticized.
Confirmed Details from the Bill Text
The released bill text is 630 pages long. It defines non-DeFi trading protocols and requires their registration with the CFTC. It also specifies that DeFi provisions apply only to "spot and cash digital commodity transactions," a change Lummis said addresses concerns from tribal governments about prediction markets. The bill includes clarifications on how credit unions can conduct crypto activities.
Uncertain Path for the Legislation
The Clarity Act faces a difficult path to becoming law. The bill has encountered multiple setbacks, including disputes over stablecoin rewards and concerns about illicit finance. A major unresolved issue is how to address President Donald Trump's crypto-related wealth, linked to World Liberty Financial and his TRUMP memecoin. The upcoming procedural vote is the first step, but the bill's future remains uncertain without broad bipartisan support.
Why This Matters for Crypto Regulation
If passed, the Clarity Act would be the first comprehensive federal regulation for cryptocurrencies in the United States. It aims to provide clear rules for how crypto assets are traded and managed, which could affect everything from trading platforms to decentralized finance (DeFi) projects. The bill seeks to prevent other countries from setting these standards first.
Next Steps: Senate Vote Scheduled
The Senate will hold its first procedural vote on the Clarity Act on September 15, 2026. The timeline is tight, as the Senate has limited days left in its current session to advance the bill.
