US Senate releases 630-page revised Clarity Act requiring non-decentralized DeFi protocols to register with CFTC

US Senate Republicans have released a 630-page revised version of the Clarity Act, with a procedural vote scheduled for September 15. The bill mandates that non-decentralized DeFi protocols register with the CFTC, with specific rules to be developed by the CFTC and the Treasury. The DeFi provisions are limited to spot and cash digital commodity transactions to address concerns regarding prediction markets, and the bill clarifies the authority of credit unions to engage in crypto-related activities.