Senate Republicans released a revised 630-page draft of the CLARITY Act on September 10, adding registration requirements for controlled or non-decentralized trading protocols under Commodity
Senate Republicans released a revised 630-page draft of the CLARITY Act on September 10, adding registration requirements for controlled or non-decentralized trading protocols under Commodity Futures Trading Commission oversight. The revision arrives five days before a scheduled Senate cloture motion on the bill is due to ripen.
The new draft introduces a registration framework for trading protocols that are controlled rather than decentralized, according to The Block. The change adds a more specific regulatory route for protocols that fall outside the bill’s decentralization threshold.
H.R. 3633 is formally titled the Digital Asset Market Clarity Act. The Senate’s current process concerns a motion to proceed to the House-passed measure, rather than final passage of the legislation itself.
According to Decrypt, the revised text directs the CFTC and Treasury to write rules for covered trading protocols, while the bill’s ethics provisions were largely unchanged in the rewrite.
The cloture motion on H.R. 3633 is scheduled to ripen at 2:15 p.m. on September 15, the Senate Press Gallery confirmed on September 8. Cloture is the procedural mechanism the Senate uses to limit debate.
The Senate’s official cloture record lists the motion to proceed as having been filed by Majority Leader John Thune on August 8. The September 15 event is the next announced procedural step for the revised bill.
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