Senate Republicans Release 630-Page CLARITY Act Rewrite, Cloture Vote Set for Sept 15

The Senate's decision to draft its own 630-page replacement rather than take up the House bill signals that the chamber intends to set its own terms on market structure, not merely amend the lower chamber's work. The added CFTC registration path for non-decentralized DeFi protocols and tighter treatment of prediction markets and credit unions suggest the scope has widened well beyond the original framework. With no Democratic backing and a 60-vote cloture threshold, the September 15 vote is best read as a procedural test of whether a partisan vehicle can even open debate; whether that support materializes is the open question.