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Clarity Act Nears a Critical Week in the U.S. Senate

Clarity Act Nears a Critical Week in the U.S. Senate

The updated draft is expected to clarify how the SEC and CFTC divide oversight, while putting more emphasis on consumer protection and DeFi. In the Senate, though, Democratic support remains the biggest obstacle.

DeFi stands for financial services without the involvement of banks or other central parties.

Within DeFi, blockchain technology is used for services such as borrowing, lending, trading, and earning yield. Smart contracts automatically execute financial processes.