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Republican senators unveiled the long-awaited, latest version of a cryptocurrency-related bill Monday that narrows exemptions for developers of decentralized finance, or DeFi, from the Bank Secrecy Act, and authorizes state prosecutors to enforce federal ethics requirements.
The new, 635-page version of the Digital Asset Market Clarity Act, or CLARITY Act, which will undergo a cloture vote in the Senate on Tuesday, still exempts “non-controlling” developers of DeFi from having to register as money services businesses while clarifying that the exemption will not apply to “activity taken following deployment” of their software.
Whereas previous iterations of the bill would have allowed developers to claim decentralized status if they did not form corporations or operate through written contracts, the new version would define these informal arrangements as “non-decentralized,” thereby requiring them to register as MSBs and build anti-money laundering programs.
The legislation would also prohibit senior political officials from holding a “significant financial interest” of more than $15,000 in businesses that issue cryptocurrency, and authorize state attorneys general to enforce the prohibition.
Cloture would set the stage for a final vote in the Senate.
Moneylaundering.com may update this coverage as more information becomes available.
- Topics: Anti-Money Laundering and Countering the Finance of Terrorism, Stablecoins, Crypto, Technology
- Source: U.S.: Congress
- Document Date: September 14, 2026
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