Ahead of a pivotal initial vote next week, Senate Republicans released a revised version of the landmark Clarity Act cryptocurrency legislation that includes new rule language for "non-decentralized finance protocols."
On Thursday, Sen. Cynthia Lummis and other fellow Republicans released a 630-page bill text.
"We have incorporated more than 114 separate provisions at my Democrat colleagues' request, and as a result, this bill is a strong bipartisan product," Lummis said in a statement. "Unlike rulemaking, legislation gives this industry a lasting solution that shields it from the whiplash of changes in the White House."
Over the past year, the Senate has been trying to advance the Clarity Act — which would regulate the crypto industry for the first time at the federal level. The bill will have its first procedural vote on Sept. 15 as the Senate returns to Washington with limited time to advance the bill.
The Clarity Act faces a dicey path to President Donald Trump’s desk. The bill has been hit with one setback after another, including a battle between banks and crypto over the treatment of stablecoin rewards, concerns about illicit finance, and the latest big snag, which has yet to be resolved — how to address Trump's growing crypto wealth, which has grown to hundreds of millions of dollars linked to World Liberty Financial and his TRUMP memecoin.
