Senate Republicans Unveil CLARITY Act Amendment, Revise DeFi Rules
Summary
- Senate Republicans have unveiled an amendment to the CLARITY Act, a cryptocurrency market-structure bill.
- The amendment leaves provisions related to the Blockchain Regulatory Certainty Act (BRCA) and stablecoin yield unchanged.
- The amendment includes mandatory CFTC registration for non-decentralized DeFi protocols and clarifies credit unions' authority to handle digital assets.
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Senate Republicans have unveiled an amendment to the CLARITY Act, a cryptocurrency market-structure bill, reflecting discussions held during the August recess.
Crypto In America host Eleanor Terrett reported on Sept. 10 that, in the amendment confirmed so far, ethics provisions remain unchanged. The Blockchain Regulatory Certainty Act, or BRCA, which was incorporated into the CLARITY Act, also remains unchanged, along with provisions related to stablecoin yield.
The amendment would require non-decentralized DeFi protocols to register with the Commodity Futures Trading Commission. It limits the scope of DeFi-related rules to spot or cash-based digital commodity transactions.
It also includes language clarifying credit unions' authority to handle digital assets.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.