- Lummis released a 630-page revised Clarity Act text on September 10.
- New DeFi rules require CFTC registration for nominally decentralized protocols.
- Senate needs 60 votes; Republicans hold 53, requiring seven Democrats.
U.S. Sen. Cynthia Lummis released a revised version of the Clarity Act on September 10, just days before a September 15 Senate vote that could determine whether lawmakers move forward with the cryptocurrency market-structure bill.
The roughly 630-page bill incorporates more than 100 amendment requests, according to Lummis, as lawmakers negotiate new rules for the U.S. crypto industry.
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The Senate vote is procedural, meaning a successful vote would allow the bill to move forward for further debate — but would not guarantee final passage.
What Changed in the Latest Clarity Act?
The revised Clarity Act adds provisions that could require certain nominally decentralized DeFi protocols to register with the U.S. Commodity Futures Trading Commission (CFTC).
This is important because the bill is trying to distinguish between genuinely decentralized/non-custodial software and activities that function more like regulated financial intermediaries.
The change would give credit unions more room to offer crypto-related services alongside larger financial institutions.
Lummis said on X that the latest version incorporates more than 100 amendment requests from Democratic lawmakers and described the legislation as a strong bipartisan bill.
Lummis previously said the legislation represents a major step toward providing regulatory clarity for digital commodities.
What Remains Unchanged?
The latest Clarity Act version leaves the ethics issue unresolved. The bill still limits public officials from issuing or promoting crypto, but does not include tougher rules requiring them to sell their crypto holdings or put them in blind trusts. According to reporter Eleanor Terrett, that could make it harder to get the 60 Senate votes needed to move the bill forward
The question of stablecoin yields also remains unresolved. The latest text leaves the provisions on stablecoin rewards unchanged.
Banks are pushing for tighter restrictions, arguing that crypto and stablecoin rewards could compete with interest paid on bank deposits and pull deposits away from community banks.
Path to the September 15 Vote
The Senate needs 60 votes to invoke cloture and advance consideration of the Clarity Act. Republicans hold 53 seats, so all 53 Republicans would need at least seven Democrats to join them to reach the 60-vote threshold.
Treasury Secretary Scott Bessent called on the Senate to resume work on the bill on September 10, warning that further delays could raise concerns about U.S. leadership in digital assets among both allies and adversaries.
If the vote fails, the bill’s chances of passing during the rest of the 2026 legislative session could be in serious doubt.
Why This Matters
The Clarity Act would establish the first comprehensive U.S. framework dividing SEC and CFTC jurisdiction over digital assets. Its outcome could shape regulatory certainty for DeFi protocols and exchanges operating in the U.S. market.