US Senate releases revised Clarity Act with updated DeFi regulations

The US Senate Republican caucus has released a revised version of the Clarity Act (US digital-asset market-structure bill) to provide a regulatory framework for the crypto market. The new draft introduces compliance requirements for DeFi projects, stating that those involved in spot digital commodity transactions may need to register with the Commodity Futures Trading Commission (CFTC) and adhere to the Bank Secrecy Act. The bill also includes provisions for credit unions to participate in crypto activities.