Senate Republicans have released a substitute amendment to H.R. 3633, the Digital Asset Market Clarity Act, just days before a critical procedural vote that could determine the bill's fate on the Senate floor.
The updated text preserves several existing pillars of the legislation, including its ethics division with a 2029 sunset clause, the Blockchain Regulatory Certainty Act, and a provision that bars interest and yield on payment stablecoins. Title I has been renamed the "Lummis-Gillibrand Responsible Financial Innovation Act of 2026," a nod to the long-running effort by Senators Cynthia Lummis and Kirsten Gillibrand to establish a comprehensive federal framework for digital assets.
DeFi Rules Tightened, Credit Union Authority Clarified
According to @EleanorTerrett, the substitute amendment introduces three notable changes. First, non-decentralized DeFi protocols would be required to register with the CFTC. Second, the DeFi provisions are scoped to spot or cash digital commodity transactions only. Third, the text clarifies credit union authority over crypto activities.
The registration requirement for non-decentralized protocols marks a meaningful shift. The updated bill draws a clearer line between truly decentralized platforms, which would remain outside the registration mandate, and those that do not meet that threshold and must come under CFTC oversight.
What Comes Next
The Senate's first procedural test, a cloture vote on the motion to proceed, is scheduled for Tuesday, September 15. Cloture is a Senate procedure used to overcome extended debate or a potential filibuster, and supporters generally need 60 votes in a fully seated chamber to clear it. Republicans currently hold 53 seats, meaning even a unified GOP caucus would still need at least seven Democratic or independent votes to advance the bill.
A successful cloture vote would clear a major procedural hurdle, but it would not mean the Clarity Act has passed the Senate. The bill would still face debate, amendments, and a separate vote on final passage. The most contentious provisions, including stablecoin rewards, ethics, anti-money laundering rules, and regulator jurisdiction, could still change.
The Clarity Act passed the House 294 to 134 on July 17, 2025, and cleared the Senate Banking Committee 15 to 9 on May 14, 2026. Senator Lummis subsequently released a combined market structure bill text, merging the Senate Banking's amended version of H.R. 3633 with the Agriculture Committee's Digital Commodity Intermediaries Act into a single package, marking a significant step toward a comprehensive U.S. framework for digital asset markets.
Tuesday's vote will be the clearest signal yet of whether the bill has the bipartisan support needed to move forward before the end of the 119th Congress.
Sources:
Bitget Academy: CLARITY Act Vote September 15, 2026
Crypto for Innovation: The Clarity Act, What Happened and What's Next
Congress.gov: H.R. 3633 Full Bill Text