Senate Banking Committee Unveils Revised Clarity Act with Stablecoin Regulation Provisions

The Senate Banking Committee has released an updated version of the Clarity Act, a comprehensive framework governing the US crypto industry. The revised bill includes new provisions for stablecoin regulation, DeFi protections, and oversight standards.

According to committee Chair Tim Scott, the updated text follows months of negotiations between lawmakers, crypto firms, and banking lobby groups over key issues such as stablecoin rules, DeFi protections, and oversight standards tied to digital asset markets. The legislation aims to provide 'certainty, safeguards, and accountability' while keeping financial innovation in the United States.

One significant change is the inclusion of language tied to the Blockchain Regulatory Certainty Act, which clarifies that software developers and infrastructure providers who do not control customer funds should not be treated as money transmitters under federal law. This provision has been strongly backed by DeFi advocates.