Republican senators on Monday (14) released the final version of the Digital Asset Market Clarity Act, a bill that aims to define rules for the crypto asset market in the United States and delimit the powers of the SEC and the CFTC. The text incorporates 126 changes requested by Democrats and will have its first test on the floor this Tuesday (15).
The proposal establishes rules for trading digital assets, intermediaries and investor protection. Among the main changes are new ethics requirements for federal officials, including restrictions on certain financial interests linked to crypto asset issuing companies.
The text also grants the Treasury secretary authority to intervene if payment stablecoins cause a significant outflow of deposits from community banks. The mechanism seeks to limit possible impacts on institutions that depend on these funds to finance loans.
Another change expands protections for software developers who do not directly control user funds, reducing the risk that they are automatically classified as money transmitters.
The rules for decentralized finance were also adjusted. Protocols that are not considered effectively decentralized may be subject to oversight by the CFTC and to requirements under anti-money laundering legislation.
Bill needs 60 votes to advance
The next step will be a procedural vote in the Senate this Tuesday (15). The bill needs 60 votes to advance, which requires support from Democrats or independents in addition to the Republican majority.
If it advances, the text may still receive amendments and will need to go through new stages in Congress before proceeding to presidential approval.
