A fresh revision of the Digital Asset Market Clarity Act brings modifications to how the proposed cryptocurrency legislation handles operations by decentralized finance platforms and select traditional financial institutions participating in crypto, though it is not viewed as the ultimate compromise that will secure broad backing from Democrats.
The updated text, distributed by GOP legislators on Thursday, introduces specific new mandates for decentralized finance organizations. The bulk of the text, which seeks to overhaul how federal agencies regulate digital asset operations within the United States, appears to closely mirror previous iterations of the measure.
Republican Senator Cynthia Lummis, a primary negotiator for the bill, championed pressing forward with the legislation rather than leaving digital asset oversight entirely up to sitting federal authorities like the Commodity Futures Trading Commission and the Securities and Exchange Commission. “We have incorporated more than 114 separate provisions at my Democrat colleagues’ request, and as a result, this bill is a strong bipartisan product,” stated Lummis, who participated in ongoing work on the measure throughout the August Senate recess. “Unlike rulemaking, legislation gives this industry a lasting solution that shields it from the whiplash of changes in the White House. Since the CFTC and SEC will write rules on digital assets with or without the Clarity Act, I believe a lasting, bipartisan compromise is the best route for America’s future.”
Lummis noted that this newest aspirational version of the legislation encompasses guidelines regarding when DeFi initiatives must register with the CFTC and comply with Bank Secrecy Act obligations, clarifies that the decentralized finance terminology is solely intended to focus on spot-market and cash transactions involving digital commodities while excluding prediction markets, and offers credit unions enhanced certainty regarding their involvement with virtual assets.
It remains uncertain whether the bill commands sufficient votes to clear even the initial procedural hurdle scheduled for next week. The cloture vote, slated for Tuesday, September 15, demands backing from 60 senators to pass, indicating that both Democrats and Republicans must come on board.
Democratic lawmakers maintain their apprehension regarding the absence of a bipartisan ethics accord that would prevent President Donald Trump and other high-ranking government figures from profiting off of crypto ventures. Earlier in the week, Senator Thom Tillis, a Republican from North Carolina, informed Semafor that the White House still needed to engage on a bipartisan proposal.
Without a bipartisan consensus concerning the ethics segment—complete with sign-off from Trump—prominent Democrats have indicated they will withhold their votes from the bill. Simultaneously, certain Republicans harbor reservations regarding separate components within the proposal.
Patrick Witt, a crypto adviser to the White House, commented on the upcoming votes for the Clarity Act next week, writing in a post on social media site X that, “All Senators, Republican and Democrat, should vote on Tuesday to get on the bill and allow the legislative process to continue,” although the White House did not instantly reply to inquiries from CoinDesk regarding the current draft.
Echoing Witt, Treasury Secretary Scott Bessent urged legislators to overcome the initial obstacle to keep the legislative procedure moving forward.
“I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process,” Bessent stated in his Wednesday posting on X. “Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets and willing to forgo enhanced national security tools to combat their misuse.”
Certain lawmakers also voiced anxieties about how the measure handles stablecoin yields and incentives in the weeks leading up to the summer recess of the Senate. On Thursday, the American Bankers Association, the Independent Community Bankers of America, and 77 state banking associations released an open letter addressed to lawmakers demanding stricter limits on incentives that stablecoin issuers are permitted to distribute.
“This draft reflects years of bipartisan negotiation,” remarked Cody Carbone, head of the Digital Chamber, one of numerous crypto associations that have spent years contributing to the framework viewed as an essential milestone for industry maturity. “The Senate must act now or risk ceding U.S. leadership in digital asset and blockchain innovation to the rest of the world.”
Originally published at https://www.coindesk.com/policy/2026/09/10/new-clarity-act-text-tweaks-defi-credit-union-provisions-but-road-ahead-for-bill-remains-murky.
