Senate Republicans Release Revised Clarity Act Before Sept. 15 Vote

The registration requirement for controlled trading protocols is the substantive change here, and it lands on the segment of the market most likely to resist formal compliance — a sign negotiators prioritized a workable definition over broader exemptions. Leaving ethics provisions untouched suggests those were already the settled part of the bargain, so the remaining friction sits in the registration language rather than in conduct rules. Whether the protocol registration scope narrows further before the vote is the open question.