On Thursday, Sept. 10, 2026, Senate Republicans released a revised Digital Asset Market Clarity Act draft. Sen. Cynthia Lummis (R-Wyo.) presented a 630-page update ahead of a Senate procedural vote scheduled for Sept. 15.
The draft targets what Lummis called "decentralized-in-name-only" crypto trading protocols. Non-decentralized protocols controlled by people or groups would have to register with the Commodity Futures Trading Commission (CFTC). The text directs the CFTC and the Treasury to write rules for trading protocols that people or groups can control or materially alter. According to Lummis, DeFi language is limited to spot and cash transactions, a change she tied to Native American concerns about prediction markets.
Ethics language is largely unchanged from the July draft: public officials, employees, and their spouses would still be barred from issuing or sponsoring digital assets. Lummis said the new version includes more than 100 changes requested by Democrats, citing among those asks a felony bar on fraudsters, $150 million for the CFTC, and tighter treatment of platforms such as Binance. Decrypt reported the release; CoinDesk the same day said a fresh draft was circulating and that the bill still needs 60 votes when the Senate returns from recess.
What would falsify a "path cleared" reading: the Sept. 15 procedural vote fails to advance, or Democrats withhold the votes Lummis is seeking despite the listed concessions.
Decrypt (Jason Nelson, Sep 10, 2026); CoinDesk RSS (Sep 10, 2026); Lummis remarks via Decrypt