The new version of the CLARITY Act draft adds insider trading provisions and makes adjustments in several key chapters

The U.S. Senate Banking Committee has released the first updated complete draft of the CLARITY Act since January of this year. The new draft has made significant adjustments in several key chapters.

These include: a major rewrite of Chapter 1 concerning definitions, the authority of the U.S. Securities and Exchange Commission (SEC), and other content; the addition of insider trading provisions in Section 109; updating "joint control" to "coordinated control" in Chapter 2; rewriting Section 301 to further clarify the regulatory boundaries between DeFi and CeFi; updating Section 404 to incorporate the compromise proposal from Tillis and Alsobrooks; adjusting Section 505 to narrow the scope of SEC's authority limitations in the tokenization field; and restructuring the bankruptcy and insolvency framework in Sections 701 and 702. Additionally, Section 904 is a new addition, titled the "Build Now Act."

Alex Thorn also pointed out that the protective provisions for developers in the Blockchain Regulatory Certainty Act in Section 604 remain largely intact, with only minor modifications that do not weaken its core protective content.