The US Published an Updated Version of the CLARITY Act Ahead of the September 15 Vote

• Cynthia Lummis published an updated version of the CLARITY Act.
• She said the document includes more than 100 amendments from Democrats.
• In particular, DeFi projects that only masquerade as decentralized will be required to register.

Senator Cynthia Lummis published an updated version of the framework bill on crypto market structure (CLARITY) ahead of the vote on September 15, 2026. She said the document includes more than 100 amendments proposed by Democrats. 

As a reminder, the CLARITY Act is a comprehensive bill that defines the rights and obligations of both crypto market participants and regulators. It is also intended to закрепить the concept of a digital asset and its classification. 

The bill has been in limbo since mid-May 2026. It received approval at the level of the U.S. Senate Banking Committee, after which it was supposed to be brought to a full vote. 

It was expected to happen before Congress’ August recess, but consideration of the bill was postponed. On September 15, 2026, according to the schedule on the official website, a procedural vote will take place, which will clear the way for the bill’s approval. 

“At the request of my Democratic colleagues, we included more than 114 separate provisions, and as a result this bill is a strong product of bipartisan support. Unlike rulemaking, legislation gives this industry a long-term solution that protects it from abrupt changes in the White House,” Lummis said. 

According to the press release, the amendments mentioned by the senator cover a wide range of items. 

What Exactly Changed in the Document?

The new draft runs to 630 pages. By comparison, the late-July 2026 version is 616 pages long. In addition to major changes, the document also contains many minor edits and clarifications. 

Among the amendments, the following stand out:

• If a DeFi project is in fact controlled by a specific company or group of individuals, it may be required to register with the Commodity Futures Trading Commission (CFTC)
• Protections for DeFi were narrowed to standard spot trading in digital commodities. Previously, the wording was broader and could have affected other markets regulated by the CFTC. It has now been clarified that the special rules for DeFi apply specifically to the ordinary buying and selling of digital assets with immediate settlement. This was done, among other reasons, to ensure the law does not inadvertently affect prediction markets
• The CFTC retains the right to pursue fraud and market manipulation, even if a DeFi project’s activities fall under the exemptions provided by the law
• States will have limited ability to introduce their own rules for certain DeFi activities
• The document includes additional safeguards to prevent the CFTC from receiving overly broad powers
• The presence of a Security Council or an Advisory Council in a project does not, by itself, make it centralized
• Some protective provisions will also apply to past activity
• Rules for credit unions were simplified to make it easier to work with digital assets.

The most important DeFi change overall is an attempt to distinguish truly decentralized projects from services that only call themselves decentralized.

If no one actually controls the protocol, the law seeks not to impose on software developers the requirements that would apply to a traditional financial company. If, however, a specific company or group stands behind a service and manages trading, custody of assets, or trade execution, standard financial regulatory requirements may apply to it, including those set out in the Bank Secrecy Act. 

At the same time, the document does not include so-called ethics amendments. Yet this was one of the Democrats’ key demands. The “blues” insist on limiting the ability of the country’s top officials and senior politicians to profit from the crypto business. 

This significantly reduces the likelihood of the CLARITY Act being adopted, even if the bill manages to pass a procedural vote. As a reminder, Lummis previously voiced concern that approval of the bill could be delayed until 2030.

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