Revised Crypto Clarity Act Circulates Ahead of Key Senate Vote

An amended version of the long-anticipated crypto Clarity Act has been released.

The updated legislation, first disclosed by Crypto in America's Eleanor Terrett and Punchbowl's Brendan Pedersen, includes provisions requiring non-decentralized DeFi platforms to register with the CFTC, along with adjustments to how credit unions handle digital currencies, the journalists reported.

Specifically, a decentralized finance application fails to qualify as such if an individual can control or materially change its operations, if it does not run exclusively on pre-established transparent coded rules, or if someone can restrict or censor its use.

The bill also permits federal credit unions to use digital assets or distributed ledger systems to carry out any activity, function, product, or service they are otherwise legally authorized to perform.

JUST IN: An updated version of the Clarity Act has released ahead of next week's floor vote

"Latest changes include new DeFi requirements and credit union fix" — Punchbowl News

Pass it pic.twitter.com/uYntehREqI

— Bitcoin Magazine (@BitcoinMagazine) September 10, 2026

Lawmakers had aimed to hold a critical vote on the crypto market structure bill in August before their five-week recess, but it was postponed. The Senate is now scheduled to vote on it September 15.

According to the reporters, the bill has not yet secured bipartisan support. Senate Republicans began circulating the revised legislation on Thursday.

The Clarity Act outlines a framework to formally split regulatory oversight, determining whether digital assets qualify as securities, commodities, or stablecoins. Crypto industry leaders have long pushed for such regulations.

Although the House of Representatives passed the bill last July, it has been held up this year, largely due to conflicts between the banking lobby and crypto firms over stablecoin yield payments to customers.

A revised draft addressing ethics concerns began circulating in July, prohibiting government officials from promoting or profiting from crypto — a move Democrats have criticized the Trump family for engaging in.

Despite the revisions, a group of Democrats stated the bill was insufficient and called for further amendments.

Pro-crypto lawmakers have criticized Democratic politicians they believe are deliberately obstructing the bill.

President Donald Trump has urged lawmakers to pass the legislation. In August, he stated that for the U.S. to remain the "undisputed leader in Bitcoin and crypto," they needed to approve the "very, very powerful legislation."