Senator Cynthia Lummis released a 630-page revised draft of the Clarity Act on Thursday, September 10, 2026. The document incorporates more than 100 changes requested by Democrats, unveiled just five days ahead of a September 15 procedural vote seen as a make-or-break moment for U.S. federal crypto legislation.
The latest draft introduces several additional provisions. Lummis included a ban barring convicted felons from operating, allocated $150 million in funding for the Commodity Futures Trading Commission (CFTC), and tightened oversight on major platforms like Binance. Crucial rules were also added for the decentralized finance (DeFi) sector. DeFi protocols controlled by specific individuals or groups - decentralized in name only - are now required to register directly with the CFTC.
Spot Transaction Limits and Ethics Rules for Officials
The DeFi clause was deliberately limited in scope to spot or cash transactions. This restriction was introduced in response to concerns raised by Native American tribes regarding potential regulatory overlaps in prediction markets.
Meanwhile, strict ethics rules from the previous draft were fully retained. The regulation strictly prohibits all public officials, government employees, and their spouses from issuing or sponsoring any type of digital asset.
Zero Support Ahead of Crucial Vote
Heading into the decisive day, there are no signs of the opposition softening its stance. According to a report by Politico, not a single Democratic senator has publicly expressed support for the updated draft so far. Lummis highlighted the situation by pointing to the extensive compromises integrated into the revised document.
“They asked for a felon ban, $150 million for the CFTC, Binance tightening - almost all was granted,” Lummis said. “Now they need to vote for a bill they helped build.”
Public pressure has also continued to mount on members of Congress. Throughout August, advocacy group Stand With Crypto recorded that crypto regulation supporters contacted lawmakers nearly 50,000 times to push for the bill’s passage.
If passed, the legislation will completely reshape how the crypto industry operates in the United States. Most crypto activities would gain official legal status. The long-blurred jurisdictional boundary between the CFTC and the Securities and Exchange Commission (SEC) would finally be clarified, and crypto startups would once again be permitted to raise funds through token issuances.
For an industry that has operated in a gray area for years, the revised draft addresses nearly all demands raised by opponents. The final outcome now rests entirely on the mid-September vote. Source: Decrypt.
Read also: India Takes Down 15 Crypto Platforms - But 30% Tax Drives Citizens to Shop Using European Gift Cards
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
