It is proposed to add a new category of cryptocurrency platforms to the bill, designated as 'non-decentralized financial trading protocols.' This definition encompasses individuals or groups of individuals who possess direct or indirect control over the protocol's functions, operations, or consensus rules. Such communities or companies will be required to register with the Commodity Futures Trading Commission (CFTC). The bill instructs the CFTC and the Treasury Department to develop rules for creating a standard: determining exactly who falls under its scope and what requirements may be imposed on them.
The stated goal of the amendments by Lummis is to separate crypto projects operating without control from platforms that position themselves as decentralized but, in essence, retain manageability through communities holding a controlling stake in native tokens, treasuries, and other means of steering the project's development, says the author of the amendments.
Previously, senators could not agree on whether platform developers, interface operators, and governance participants should bear compliance obligations, even if they do not hold client funds. The amendment, according to Lummis, is intended to resolve this by endowing developers and communities with responsibility for client funds on platforms.
Additionally, the new version of the bill proposes to provide protection from civil lawsuits for stablecoin issuers and exchanges if they freeze assets suspected of belonging to wallet owners involved in illegal activity. Currently, no such protection exists: a platform or issuer can be sued to demand the unfreezing of cryptocurrency. At the same time, all crypto platforms must adhere to the same regulatory norms as banks, Lummis stated.
The Republican senator expects her amendments to motivate Democrats to vote for CLARITY on September 15. On that day, the Senate plans to consider the original version of the bill in a procedural vote akin to a first reading. To advance further, the bill will need to secure at least 60 senators' votes. If this threshold is overcome, senators will begin considering new amendments, including those officially submitted by Lummis.
According to the senator, her version of the bill will retain the so-called 'ethical norm' prohibiting government employees, officials, and their spouses from issuing or promoting digital assets, as well as conducting crypto-business. Earlier, two senators proposed adding a provision to this 'ethical aspect' of CLARITY that would allow current President Donald Trump, with his billions in income from crypto-business, to obtain a deferral of federal income tax payment in case of selling crypto assets.
