Revised CLARITY Act Targets ‘Non-Decentralized’ DeFi Operators

The revised text sharpens the dividing line between genuinely decentralized protocols and operators the bill treats as intermediaries, which is where the real regulatory exposure sits rather than in DeFi as a category. Leaving the ethics section intact signals that the contentious material was not the drafting priority, so the operative fight now runs through how "non-decentralized" gets defined and applied. Whether that definition survives the Senate vote, and how narrowly it is drawn, is the open question for builders weighing where their operations fall.