Senate Republicans released a revised version of the Clarity Act on Thursday, introducing new requirements for crypto trading protocols that are controlled or materially alterable by people or groups. The updated bill would require those non-decentralized, or “decentralized-in-name-only,” protocols to register with the Commodity Futures Trading Commission (CFTC). The provision would focus regulatory oversight on the parties able to control or change a protocol’s operation, rather than treating all protocols as fully decentralized.

Sen. Cynthia Lummis (R., Wyo.) unveiled the 630-page legislation ahead of a Senate procedural vote scheduled for September 15. The bill seeks to establish a federal market framework for digital assets and clarify the regulatory responsibilities of the CFTC and the Securities and Exchange Commission (SEC). The revised text is available in the official Senate document.

“This updated Clarity Act text reflects bipartisan hard work over August—specifying when decentralized-in-name-only DeFi protocols must register with the CFTC and limiting the DeFi provisions to spot and cash transactions, in response to Native American concerns about prediction markets,” Lummis wrote on X. She added that the new version includes more than 100 changes requested by Democrats.

“Let’s get this done!” she said.

The September 15 procedural vote has been described as a do-or-die moment for the long-anticipated legislation. If enacted, the Clarity Act would effectively legalize most cryptocurrency activity in the United States, establish jurisdictional boundaries between the CFTC and SEC, and largely clear the way for crypto startups to raise funds through token sales again. The vote is therefore the immediate test of whether the revised framework can advance while disagreements over ethics restrictions and stablecoin rewards remain unresolved.

The revised bill directs the CFTC and the Treasury Department to develop rules for trading protocols that people or groups can control or materially alter. Its ethics provisions remain largely unchanged from the July draft, which barred public officials, government employees and their spouses from issuing or sponsoring digital assets.

Democrats have sought broader restrictions addressing President Donald Trump’s crypto interests. According to a Politico report, none support the new bill.

The legislation’s treatment of so-called stablecoin yield has also prompted lobbying from crypto advocates and community bankers in senators’ home states. Industry group Stand With Crypto said its supporters contacted members of Congress nearly 50,000 times in August, while bankers have pushed for changes to the rewards provisions.

Lummis urged Democrats to support the bill, saying it includes the changes they requested.

“They demanded the felony bar on fraudsters, $150M for the CFTC, the crackdown on platforms like Binance, and they got almost everything they asked for. Now they need to vote for the bill they built. Anything less is walking away from their own work,” Lummis said on X.