Svmuu News: Galaxy Research Head of Research Alex Thorn stated that the U.S. Senate Banking Committee has released the first updated complete draft of the CLARITY Act since January. The new draft features significant adjustments in several key chapters, including:
A substantial rewrite of Chapter I concerning definitions and the scope of the U.S. Securities and Exchange Commission (SEC) authority; the addition of Section 109 on insider trading; an update in Chapter II changing "common control" to "coordinated control"; a rewrite of Section 301 to further clarify the regulatory boundary between DeFi and CeFi; an update to Section 404 incorporating the compromise proposal from Tillis and Alsobrooks; adjustments to Section 505 narrowing the scope of SEC authority limitations in the tokenization field; and a restructuring of the bankruptcy and insolvency framework in Sections 701 and 702. Additionally, Section 904 is a new addition, namely the "Build Now Act."
Alex Thorn also noted that the developer protection provisions in the Blockchain Regulatory Certainty Act, found in Section 604, remain largely intact with only minor modifications, without weakening their core protections.