Senate Republicans Release Revised Clarity Act With New DeFi Registration Rules

The registration threshold is the real story: by tying CFTC obligations to a subjective determination of whether a protocol is 'truly decentralized,' the draft hands regulators a judgment call that could reshape how DeFi projects structure themselves. Leaving the ethics section untouched signals Republicans are willing to move to cloture without the concession Democrats have demanded, making the vote itself the near-term test of whether this version can advance. Whether that decentralization test gets tightened or defined further is the open question for builders.