On the eve of the U.S. Senate's deliberation on the crypto market structure bill, Senator Cynthia Lummis released a new version of the CLARITY bill text. She stated that this 630-page revised draft incorporates more than 100 amendments proposed by Democrats, with the aim of gaining more support before the procedural vote on September 15th.
DeFi Recognition of Tightening Standards
A key change in the new version of the text lies in the way decentralized financial platforms are identified. The bill attempts to more clearly distinguish between truly decentralized protocols and those that, although claiming to be decentralized, are still controlled by companies, teams, or individuals.
According to the new regulations, these “decentralized in name” platforms may need to register with the US Commodity Futures Trading Commission (CFTC). The relevant provisions also limit the application of DeFi rules to spot or cash transactions of digital goods.
This adjustment is seen as a response to external concerns regarding some of the boundaries of the on-chain prediction market and related businesses.
Cooperatives gain clearer permissions
The revised draft also adds provisions regarding the authority of credit cooperatives to engage in digital asset business. According to the new text, credit cooperatives can hold, manage, and provide services related to encrypted assets for their members.
This means that, apart from large banks, credit cooperatives in the United States will have clearer legal authorization for digital asset services, and it will be easier for them to implement their business scope.
Stablecoin terms remain largely unchanged.
Compared to the DeFi section, there have been no significant adjustments to the content related to stablecoins this time. The bill still retains the arrangement that allows stablecoin yield rewards under specific conditions, and the provisions related to the Bank Secrecy Act also remain unchanged.
This aspect remains one of the focal points of opposition from traditional banking sectors. The American Bankers Association previously opposed Article 10404 of the bill, arguing that such arrangements could give crypto companies a relative advantage in stablecoin operations.
The vote on September 15th becomes the key to the next step.
The procedural vote by the Senate on September 15 is not far off. The Republican side needs to secure enough votes to move the bill forward into formal debate and amendment procedures.
If the procedural vote is passed, the Senate will officially consider the CLARITY bill and proceed to the subsequent revision stage; if it is not passed, the advancement of this bill may slow down again.
