Last Minute Clarity Act Revisions Eye DeFi Clarifications

This week Senate Republicans dropped an updated draft of the Clarity Act, the major U.S. crypto market structure bill.

The changes would narrow how DeFi protocols and onchain prediction markets get treated under federal law, though the section holding back Democratic votes wasn’t touched at all just days before a critical Sept. 15th cloture vote.

🚨NEW: Senate Republicans have released updated Clarity Act text reflecting changes negotiated over the August recess.

There appear to be no changes to the ethics section. BRCA and stablecoin yield sections also remain the same.

The changes here include:

📌Requiring… pic.twitter.com/cYIlr2VsLG

— Eleanor Terrett (@EleanorTerrett) September 10, 2026

What’s the Scoop?

• What changed: The new text would require “non-decentralized DeFi” (protocols where someone still holds admin keys, pause switches, or real control over the code) to register with the CFTC like any other market participant.
• Additionally: The revised bill would also narrow DeFi’s carve-outs to spot and cash commodity trades only (cutting off the argument that onchain prediction markets could dodge state gaming laws through the same exemption) and hand credit unions clearer authority to custody and trade digital assets.
• Uphill battle: The bill’s three main flashpoints (ethics language, developer protections, and the stablecoin yield compromise) all remained as is, which may prove thorny. Republicans hold roughly 53 Senate seats, meaning cloture needs about seven Democratic votes to hit 60. For now, no Democrat has publicly signed on.