New Clarity Act text tweaks DeFi, credit union provisions, but road ahead for bill remains murky
Republican lawmakers have introduced a revised version of the Clarity Act, which aims to establish a regulatory framework for decentralized finance (DeFi) and digital assets. The bill faces a challenging path forward, requiring bipartisan support to pass a procedural vote in the Senate.
Why it matters
This legislation represents a significant attempt to provide legal certainty for the U.S. crypto industry, potentially curbing the power of federal regulators like the SEC and CFTC.
The new text, circulated by Republican lawmakers on Thursday, features certain new requirements for decentralized finance entities. The bulk of the text, which aims to reshape how federal regulators oversee cryptocurrency activities in the U.S., seems to largely resemble previous versions of the bill.
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