The US Senate’s CLARITY Act has been revised with new rules for decentralised finance (DeFi) and clearer provisions for credit unions, but its future remains uncertain ahead of a key procedural vote on September 15. The revised version was made public by Senator Cynthia Lummis while senators were still debating how to regulate cryptocurrency.
According to the current draft, any non-decentralized DeFi protocols would have to adhere to the Bank Secrecy Act and register with the Commodity Futures Trading Commission (CFTC). Unresolved disputes over developer rights, stablecoin payouts, and ethical regulations, however, may still stop the law from moving forward.
The goal of the CLARITY Act, also known as the Digital Asset Market Clarity Act and tracked as H.R. 3633, is to split government regulation of digital assets between the CFTC and the Securities and Exchange Commission (SEC). The Senate Banking Committee advanced the proposal in May 2026, while the House of Representatives enacted its version in July 2025.
Source: lummis.senate.gov
The most recent draft, according to Lummis, the chair of the Senate Banking Digital Assets Subcommittee, is the result of months of deliberations, including talks held over the Senate’s August break. She said more than 114 provisions had been incorporated at the request of Democratic senators and described the legislation as a bipartisan effort to give the crypto industry a more lasting regulatory framework.
One of the notable changes concerns DeFi. The revised text would require non-decentralised DeFi protocols to register with the CFTC and follow Bank Secrecy Act requirements. The DeFi provisions have also been narrowed to cover spot and cash transactions involving digital commodities. According to Lummis, this change was made partly in response to concerns about blockchain-based prediction markets.
🚨NEW: Senate Republicans have released updated Clarity Act text reflecting changes negotiated over the August recess.
There appear to be no changes to the ethics section. BRCA and stablecoin yield sections also remain the same.
The changes here include:
📌Requiring… pic.twitter.com/cYIlr2VsLG
— Eleanor Terrett (@EleanorTerrett) September 10, 2026
The bill also gives federal credit unions clearer authority to engage in digital-asset activities. At the same time, some important provisions have not changed. Language covering the Blockchain Regulatory Certainty Act remains in the draft, while the stablecoin yield section also remains largely unchanged.
The ethics issue, however, continues to be a major obstacle. Some Democrats want stronger restrictions on federal officials, including President Donald Trump, issuing or sponsoring digital assets or benefiting from crypto businesses. The existing language includes restrictions backed by Department of Justice enforcement, but several Democrats consider those provisions insufficient.
Stablecoin rewards are another point of disagreement. Banks have urged lawmakers to impose tighter restrictions on rewards offered by companies issuing payment stablecoins. Banking organizations have persisted in pressuring Congress on the matter.
When the Senate votes on cloture on the motion to proceed on September 15, that will be the first test. This vote on the CLARITY Act is not final. The measure may proceed to formal discussion and amendments if cloture is successful. The measure may stall if it doesn’t succeed.
The vote is challenging due to the numbers. Republicans presently control 53 Senate seats, and cloture requires 60 votes. The proposal would require the support of at least seven Democrats or independents if it were approved by all Republicans. A number of Republicans have also expressed disapproval of some components of the proposal.
Another issue is the legislative schedule. After September 17, lawmakers are anticipated to depart Washington, leaving little time to reconcile any Senate version with the House-passed measure.
Treasury Secretary Scott Bessent and White House cryptocurrency adviser Patrick Witt have both encouraged senators to let the legislative process proceed. They contend that rather than letting the endeavor fail, lawmakers need to accept the procedural step and go on negotiating through changes.
.@SecScottBessent is right: All Senators, Republican and Democrat, should vote on Tuesday to get on the bill and allow the legislative process to continue. https://t.co/pcflF8yWNs
— Patrick Witt (@patrickjwitt) September 9, 2026
The stakes are high for the cryptocurrency sector. The CLARITY Act could establish clearer responsibilities for the SEC and CFTC and provide a broader federal framework for digital assets. However, its passage cannot be considered for sure until the ethical controversy and other concerns are settled.
Therefore, rather than being the ultimate decision, the September 15 vote should be seen as the next significant obstacle. If the vote is successful, discussions will continue; if it is unsuccessful, the measure may enter a far more uncertain political timeline.
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