According to BlockBeats, on May 15, the U.S. Senate Banking Committee passed the Cryptocurrency Market Structure Act (CLARITY Act) with 15 votes in favor and 9 votes against. The bill has now been formally submitted to the full Senate for a vote.
The CLARITY Act still requires several procedures to become law. If the version passed by the Senate is identical to the version passed by the House of Representatives, the bill will be sent directly to the President for signature (or automatically become law). More commonly, the two versions differ, requiring a reconciliation phase. This can be achieved through "amendment back-and-forth" or by establishing a bi-congress committee to negotiate a final, unified text. Both houses will then vote on this unified version. Once both houses have passed identical texts, the bill is formally sent to the President. This entire process can still take weeks to months.
The newly released revised version of the Clarity Act is crucial for DeFi, providing clearer legal protections and developer safeguards for DeFi developers creating protocols in the United States. Regarding yield, the Clarity Act may, like the GENIUS Act which propelled the development of stablecoins, bring new growth to DeFi.
