U.S. Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis (R-WY) released updated text for the Digital Asset Market Clarity Act as the Senate prepares to vote on the bill next Tuesday, September 15th. This text reflects the continued, bipartisan hard work accomplished over the August recess.
Updates to the text include:
- Provisions addressing when non-decentralized finance (DeFi) protocols must register with the Commodity Futures Trading Commission (CFTC) and be subject to the Bank Secrecy Act, similar to provisions in section 10301 of the Banking devision of the Clarity Act.
- Specifying that DeFi provisions only apply to spot and cash digital commodity transactions, addressing tribal concerns about the potential impact of this legislation on prediction markets.
- Clarifications to the powers of credit unions to conduct digital asset activities.
“Nearly a decade ago, Wyoming wrote the blueprint for digital asset regulation, and this bill finally brings that clarity to the rest of the country,” said Lummis. “We have incorporated more than 114 separate provisions at my Democrat colleagues’ request, and as a result, this bill is a strong bipartisan product. 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 Clairty Act, I believe a lasting, bipartisan compromise is the best route for America’s future. It’s time for a vote; America’s financial leadership depends on it.”
The Clarity Act has earned support from major financial institutions like BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, Charles Schwab, and SoFi, and law enforcement organizations like the National Fraternal Order of Police and the National Organization of Black Law Enforcement Executives. The National Sheriffs Association and the Majority County Sheriffs Association, representing law enforcement which protects more than 130 million Americans, both dropped their opposition recently to the Clarity Act, recognizing that this legislation gives law enforcement the tools it needs to fight crime.
Bill text can be found here.
Source: Senator Cynthia Lummis
