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XRP New cryptocurrency regulation bill sparks heated debate in the Senate
On the eve of a key procedural vote in the U.S. Congress, Republican senators unexpectedly proposed a 630-page draft of the CLARITY Act. The bill would regulate the broader cryptocurrency market, covering major digital assets such as Bitcoin, Ethereum and Ripple, which could reshape the management model of digital assets in the United States.
Political challenges remain serious
Despite the efforts of all parties, the latest version of the draft has not yet become a bipartisan bill and is still clearly a Republican proposal. Some Democrats who focus on digital asset regulation are cautious about this because of unresolved ethical differences. A Democratic consultant identified the ethical issue as a major obstacle and noted that the new proposal did not make substantial improvements in this regard.
This outstanding issue will play a key role in the upcoming procedural vote. The Senate cloture vote scheduled for 2:15 pm EST on September 15 will decide whether to continue discussions on the bill, but it is not a final vote.
Decentralized finance and the situation of developers
The revised draft clarifies the difference between truly decentralized protocols and non-decentralized protocols. Participation in decentralized governance mechanisms or intervention involving safety committees does not automatically constitute control. In addition, key protections for software developers are retained. The document further refines regulatory requirements for cash and spot markets that are considered digital goods.
Adjustment of credit union terms
Significant changes have occurred in the relevant terms of credit unions. Regulators, including the National Credit Cooperative Administration, have retained their supervisory and enforcement powers. The bureau is mainly responsible for overseeing federal credit unions in the United States. Changes to the GENIUS Act aim to bring credit union accounts closer to the status of bank deposits when interacting with tokenized financial products.
Key insights from the updated CLARITY Act
- The Act clearly distinguishes between decentralized and non-decentralized financial agreements.
- Maintain protection for developers and emphasize the separation of governance participation and control.
- The credit union clause ensures oversight of regulation, especially when it comes to tokenization transactions.
Although the latest version introduces significant changes in the regulatory framework of the CLARITY Act, it still faces difficulties in gaining bipartisan support. Given the current polarized political climate, Republican sponsors must persuade a sufficient number of Democratic senators to continue the discussion. This highlights the complexity of reaching consensus in the evolving field of digital assets.
