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FollowingRevised CLARITY Act defines decentralized finance
A revised CLARITY Act is setting stricter regulatory boundaries for decentralized finance (DeFi) protocols that are not truly decentralized in practice. The updated bill would 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) requirements.
The revised text defines such agreements as agreements whose functions, operating methods, or rules can be materially changed by individuals or a coordinated group; it also covers agreements whose controllers can restrict user access or whose transactions are not entirely governed by transparent and pre-established code. The clause is intended to distinguish between systems that operate without a controller and platforms that are advertised as decentralized but retain identifiable management or upgrade rights.
It is worth noting that participation in incident response or safety committees does not in itself constitute control of the protocol, and this exception is intended to preserve the Incident Response Service mechanism while avoiding the inclusion of its participants in the scope of regulation. Under this framework, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will develop registration, code of conduct, disclosure, record-keeping and supervision requirements based on rules of activity. The Treasury will then determine how existing obligations under the Bank Secrecy Act apply to affected controllers.
Senate faces critical 60-vote threshold test
Senator Cynthia Loomis said the new text reflects the results of negotiations held in August this year and includes "more than 100 changes proposed by Democrats." Due to partisan differences on ethics issues and opposition from the banking industry, the Senate postponed a plenary vote before the August 2026 recess and scheduled a procedural vote for September 15, 2026. It was a cloture vote on a motion to close debate that required 60 votes to overcome the filibuster, allowing the Senate to formally begin debating the bill.
Republicans have 53 seats in the Senate, so it takes at least seven Democrats to join forces with a unified Republican conference to reach the 60-vote cloture threshold. Prior to the vote, disputes over ethics, BRCA (Biological Resources and Clinical Data Act Related Disputes) and stablecoin awards remained unresolved. If the bill fails to receive those votes, its fate in 2026 is essentially decided.
