Senate Republicans just dropped some fresh updates to the CLARITY Act ahead of that September 15 procedural vote 🗳️ tossing in new rules for non decentralized defi protocols and clarifying how credit unions can deal in crypto fr.
Fresh Defi Rules And Credit Union Plays 😈
The updated bill requires non decentralized defi protocols platforms that market themselves as decentralized without actually functioning that way to register with the Commodity Futures Trading Commission CFTC 🚀. That requirement mirrors Section 10301 of the Banking Committee portion of the bill although crypto developer Roman Storm questioned the phrasing on X asking how something billed as defi could be non decentralized. The new text also limits the defi provisions to spot or cash digital commodity transactions a change aimed at addressing concerns some Native American tribes had raised about blockchain based prediction markets. Credit unions meanwhile gained clearer authority to deal in crypto under the revised language 💸.
Republican Senator Cynthia Lummis of Wyoming who has championed the bill described the revisions as the product of bipartisan negotiations and wrote that the updated text contains more than 100 changes requested by Democrats.
In another post she put the figure at more than 115 Democratic wins including a felony bar on fraudsters $150 million for the CFTC and crackdowns on platforms such as Binance.
Now they need to vote for the bill they built. Anything less is walking away from their own work.
— SenLummis (@SenLummis)
Those changes come just days before the Senate is scheduled to vote on whether to invoke cloture on the motion to proceed 🕸️. The September 15 vote requires 60 senators leaving Republicans dependent on Democratic support.
Ethics Drama Still Holding Things Up 🔮
The latest changes do not alter the ethics section or the bills stablecoin yield provisions and that matters because ethics has been one of the biggest obstacles to Democratic support 💀. Yesterday Coinbase CEO Brian Armstrong backed a yes vote and pointed out that lawmakers had resolved the issues his company previously considered must have changes. He also described the ethics negotiations as one of the last matters to settle. Democrats however have pushed for provisions requiring elected officials to divest relevant crypto interests or place them in blind trusts. The issue became more urgent after some legislators from that party called for scrutiny into President Donald Trumps crypto dealings from which he earned 1.2 billion including from his Official Trump TRUMP meme coin ✨. However Lummis has argued that failure to pass the bill would not be because of ethics but because Democrats refused to accept a bipartisan compromise. Treasury Secretary Scott Bessent in a September 9 post on X also urged senators to keep negotiating and advance the legislation 📜. As things stand the revised text settles some disputes while leaving the most politically sensitive part of the negotiations unchanged and the upcoming vote will show whether those compromises are enough to get the bill moving lol 🦇.
Just another echo from the void by iconofsin.eth 💖
