U.S. Senate Republicans have released a revised 630-page version of the Clarity Act, with the Senate scheduled to hold its first procedural vote on the bill on September 15. The revised legislation would require non-decentralized DeFi protocols to register with the CFTC. It directs the CFTC and Treasury Department to develop detailed rules, limits the DeFi provisions to spot and cash digital commodity transactions in response to tribal governments’ concerns about prediction markets, and clarifies the authority of credit unions to conduct crypto businesses.