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FollowingRevised version of the CLARITY Act: Clarifies the regulatory framework for non-decentralized financial agreements
A revised CLARITY Act (Cryptographic Asset Legal Application and Regulatory Transparency Act) will direct U.S. regulators to determine whether individuals or groups controlling "non-decentralized financial transaction agreements" must comply with securities, commodities and anti-money laundering (AML) related regulations.
The revised text was posted on the official website of Senator Cynthia Lummis. Such agreements are defined as agreements whose functions, operations or rules can be substantially modified by individuals or coordinating groups. In addition, the definition also covers those agreements where controllers can restrict user access or where transactions are not governed solely by transparent and pre-established code.
Under the proposal, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will develop activity-based rules covering aspects such as registration, codes of conduct, information disclosure, record-keeping and supervision. At the same time, the Treasury will establish how existing Bank Secrecy Act obligations apply to affected controllers.
Thebill clearly stipulates that software and distributed ledger systems do not need to be registered in their own name. At the same time, it was pointed out that participation in incident response or the Security Council itself did not constitute control of the agreement.
The revised text appeared ahead of a procedural Senate vote originally scheduled for September 15. The measure requires 60 votes to move forward, which means Republicans still need to gain Democratic support despite differences on issues such as ethics, anti-money laundering protection and stablecoin gains.
The cryptocurrency industry supports the bill as ethical controversy continues to simmer
Ji Hun Kim, CEO of Crypto Council for Innovation, said in a statement shared with media that Tuesday's vote was a "critical moment" for digital assets, innovation and U.S. leadership to play a role. Kim said the United States needs a framework that combines consumer protection with corporate behavioral standards.
In an interview with CNBC on Thursday, Coinbase CEO Brian Armstrong said the CLARITY Act was "ready for a yes vote." He noted that "necessary issues" previously raised by Coinbase have been resolved, while negotiations on moral restrictions are still ongoing and appear to be close to reaching a solution.
Armstrong did not specify which terms had changed.
Still, the ethics chapter in the newly released text remains largely consistent with the previous version, although it was one of the main points of contention in the negotiations.
On August 20, Democratic Senator Ruben Gallego warned that a vote should not be held until lawmakers resolved disputes over ethics and stablecoin gains. "A quick vote leads to quick results, but I suspect that's the result you want." Gallego said at the time.
Armstrong said that if the legislation fails to pass, the SEC and CFTC may instead use their existing powers to advance rulemaking and innovation exemptions.
