U.S. Sen. Cynthia Lummis released a revised, roughly 630-page version of the Clarity Act on September 10, days before a September 15 Senate vote that could determine whether lawmakers advance the cryptocurrency market-structure bill.

According to Lummis, the new text incorporates more than 100 amendment requests submitted by Democratic lawmakers as the Senate negotiates rules for the U.S. crypto industry. The September 15 vote would be procedural: approval would allow the bill to proceed to further debate but would not guarantee final passage. The vote would therefore test whether negotiators have enough support to keep the legislation moving while disagreements over ethics rules and stablecoin rewards remain unresolved.

Changes in the Revised Clarity Act

The latest version adds provisions that could require certain nominally decentralized decentralized-finance (DeFi) protocols to register with the U.S. Commodity Futures Trading Commission (CFTC). The provisions seek to distinguish genuinely decentralized, non-custodial software from activities that operate more like regulated financial intermediaries.

The revised language would also give credit unions more room to provide crypto-related services alongside larger financial institutions. Lummis said the bill represents a strong bipartisan effort and that the updated text reflects more than 100 amendment requests from Democratic lawmakers.

In a post on X, Lummis wrote:

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… — Senator Cynthia Lummis (@SenLummis) September 10, 2026

X: https://x.com/SenLummis/status/2098124286871433416?ref_src=twsrc%5Etfw

The revised provisions limit the DeFi rules to spot and cash transactions in response to concerns from Native American communities about prediction markets. Lummis previously described the legislation as a major step toward regulatory clarity for digital commodities.

Issues That Remain Unresolved

The bill’s ethics provisions remain unchanged. It would continue to restrict public officials from issuing or promoting crypto, but it would not require them to sell their crypto holdings or place those assets in blind trusts. Reporter Eleanor Terrett said the absence of stricter requirements could make it more difficult to secure the 60 Senate votes needed to advance the legislation.

The treatment of stablecoin yields also remains unresolved. The latest text leaves provisions concerning stablecoin rewards unchanged. Banks are seeking tighter restrictions, arguing that crypto and stablecoin rewards could compete with interest paid on bank deposits and draw deposits away from community banks.

Senate Vote Threshold

The Senate needs 60 votes to invoke cloture and advance consideration of the Clarity Act. Republicans hold 53 seats, meaning all 53 Republicans would need at least seven Democrats to join them to reach the threshold.

Treasury Secretary Scott Bessent called on the Senate to resume work on the bill on September 10. He warned that additional delays could raise concerns about U.S. leadership in digital assets among both allies and adversaries. Bessent’s post is available at https://x.com/SecScottBessent/status/2097748578777047185.

If the vote fails, the bill’s prospects for passage during the remainder of the 2026 legislative session could be in serious doubt. If it advances, further debate would still need to address the unresolved ethics and stablecoin-yield provisions before lawmakers could consider final passage.

The Clarity Act would establish the first comprehensive U.S. framework dividing regulatory jurisdiction over digital assets between the Securities and Exchange Commission (SEC) and the CFTC. Its outcome could affect the regulatory framework for DeFi protocols and exchanges operating in the U.S. market.

Official bill text:

Source: https://dailycoin.com/revised-clarity-act-september-15-senate-vote/