Senate Republicans Post Revised CLARITY Act Text Five Days Before Cloture Vote

The revised text narrows the DeFi title to spot and cash digital commodity transactions, which signals that the carve-out for decentralized protocols is being drawn more tightly around a specific activity rather than left broad. Adding CFTC registration and Bank Secrecy Act obligations for protocols deemed not decentralized shifts the compliance burden onto a category that the earlier framework left ambiguous, and the credit union clarification brings a traditionally cautious sector explicitly into scope. Whether the cloture vote holds the bill's current shape, or whether these definitions move again before it, is the open question.