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A revised version of the CLARITY Act posted on Senator Cynthia Lummis’ website would require U.S. regulators to decide whether controllers of so-called “non-decentralized” DeFi trading protocols are subject to securities, commodities and anti-money-laundering rules. The bill sets criteria for what constitutes a non-decentralized protocol and directs the SEC, CFTC and Treasury to create activity-based rules and clarify Bank Secrecy Act obligations for affected controllers.
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