Senator Cynthia Lummis released a revised text of the Digital Asset Market Clarity Act on Thursday, five days before the Senate votes on whether to take the bill up, and without public backing from the Democrats whose votes decide the outcome.
Cloture on the motion to proceed to H.R. 3633 ripens Tuesday, Sept. 15 at 2:15 p.m. and needs 60 votes, according to the Senate Democratic leadership's floor schedule. Republicans hold 53 seats against 45 Democrats and two independents who caucus with them, per the Senate's party division tally. If every Republican votes to proceed, seven Democrats carry the motion. The Defiant reported that seven-Democrat math when the bill reached the floor calendar.
The changes Lummis listed are narrow. Trading protocols that are not decentralized must register with the Commodity Futures Trading Commission and comply with the Bank Secrecy Act, mirroring the treatment Section 10301 already gives them on the securities side, where the Securities and Exchange Commission must spell out how operators meet existing intermediary requirements. The decentralized finance title now applies only to spot and cash digital commodity transactions. The third change clarifies which digital asset activities credit unions may conduct.
