US Clarity Bill: Senator Cynthia Lummis Publishes Revised Version Before Vote

Revision of the Clarity Bill

On the 11th, U.S. Senator Cynthia Lummis, a Republican from Wyoming, released a revised text of the "Clarity Bill," which establishes a regulatory framework for cryptocurrencies. The document spans approximately 630 pages and was made public ahead of a vote on a motion to end debate (cloture) scheduled for September 15.

Senator Lummis explained on X that this revised version reflects over 100 amendment requests from the Democratic side, stating it is a "strong bipartisan bill." The new provisions require DeFi (decentralized finance) protocols, which are nominally decentralized, to register with the U.S. Commodity Futures Trading Commission (CFTC).

The revised version limits the applicability of DeFi-related regulations to spot trading and cash-settled digital commodity transactions. According to cryptocurrency policy reporter Eleanor Terrett, this measure aims to address concerns raised by U.S. tribal nations regarding blockchain-based prediction markets.

Meanwhile, there have been no significant changes to the ethics provisions related to anti-corruption, which remain a major point of contention, with the U.S. Department of Justice (DOJ) positioned as the primary enforcement agency.

Outcome of the Vote

The vote on September 15 will be a cloture vote on whether to proceed with the bill's debate, requiring 60 votes, or three-fifths of the full 100-member Senate, for passage. The Republican Party holds about 53 seats, meaning they need at least 7 votes from the Democrats to pass the bill.

Scrutinizing the new 630-page text in just five days poses a significant burden for the Democrats, and Politico Pro, a U.S. political media outlet, reported that no Democratic senators have been confirmed to support this revised version at this time. If the vote fails, advancing any further in the remaining session of the 119th Congress is expected to be extremely difficult.

Ahead of this vote, U.S. Treasury Secretary Scott Bessen urged on the 10th via his X account for the Senate to immediately resume discussions on the Clarity Bill as soon as they return from recess. He warned that if senators do not stay at the negotiating table and agree to the motion to proceed, it could raise doubts about the U.S. leadership in the digital asset space among both allies and adversaries.

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