Under the proposal, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) would develop activity-based rules addressing registration, conduct, disclosure, recordkeeping and supervision. Meanwhile, the Treasury would establish how existing Bank Secrecy Act obligations apply to affected controllers.
The bill specifies that software and distributed ledger systems would not be required to register in their own capacity. It also says participation in an incident-response or security council would not, by itself, establish control over a protocol.
The revised text arrived ahead of a procedural Senate vote scheduled for Sept. 15. The measure CNBC that the CLARITY Act was “ready to get a yes vote.” He said the “must-have issues” previously raised by Coinbase had been resolved, while negotiations over ethics restrictions remained active and appeared close to a solution. Armstrong did not specify which provisions had changed.
Related: in negotiations.
On Aug. 20, Democratic Senator Ruben Gallego 10 of the greatest unsolved crypto mysteries