CLARITY Act revisions would necessitate the registration of some centrally controlled cryptocurrency protocols with the CFTC.
The bill would modify DeFi requirements and keep ethics language while undergoing a September 15 procedural vote.
The updated version of the U.S. CLARITY Act imposes requirements on centrally controlled crypto algorithms before the September 15 vote. The proposal was introduced by Senator Cynthia Lummis and Republicans in the Senate, following discussions with Democrats. According to Lummis, the Republicans included more than 114 measures from the Democrats’ proposal in the bill.
New Bill Describes Non-Decentralized Protocols
The bill describes some protocols as “non-decentralized finance” if they are under the direct control or by agreement, relationship, or any other means of controlling functionality or governance changes in relation to the protocol. Protocols described thus shall have to register with the Commodity Futures Trading Commi
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