Senator Cynthia Lummis presented the updated 630-page text of the CLARITY Act just days before the procedural vote on September 15. According to her, the document includes more than 114 amendments requested by Democrats.
The main innovation concerns DeFi. The bill introduces the concept of âdecentralized trading protocolsââthose in which there is a person or group capable of controlling or significantly altering the protocolâs operation. Such projects will be required to register with the CFTC, and the rules themselves will be developed jointly by the CFTC and the Treasury Department. At the same time, the provisions on DeFi will apply only to spot and cash transactions involving digital assets; this caveat was added due to concerns from tribal governments about prediction markets.
The chances of passage remain low. The main sticking point is the ethical issues related to Trumpâs own crypto assets, including World Liberty Financial and the TRUMP token. Democrats consider the current draft insufficient. Questions regarding the profitability of stablecoins also remain unresolved, as local banksâfearing deposit outflowsâare actively lobbying against them.
To initiate the procedure, 60 votes are needed, but Republicans hold only 53. On Polymarket, the probability that Trump will sign the law is currently estimated at just 18%.
