Overview
- The revised 630-page draft, released Sept. 10, adds a CFTC 'control' test that would require trading protocols with identifiable controllers to register with the Commodity Futures Trading Commission.
- The bill narrows statutory protections for DeFi so that shields for protocol maintenance, liquidity pools and interfaces apply only to cash and spot digital‑commodity markets.
- An ethics restriction that bars certain public officials from issuing or sponsoring digital assets remains in the text with primary enforcement by the Department of Justice and an expiration date of January 2029.
- A procedural cloture vote scheduled for Sept. 15 requires 60 senators to open formal debate, and Republicans’ 53 seats mean they need enough Democratic or independent support to move the bill forward.
- If cloture fails, agencies such as the SEC, CFTC and Treasury are likely to pursue rulemaking to fill gaps, a path that could be faster but less durable and would leave major disputes over stablecoin rewards, vertical integration and tribal jurisdiction unresolved.