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In Today’s Edition:
**Headline:Clarity Act Draft Sees New TweaksGlobal Legal Roundup****Case Study:**Hyperliquid Group Backs CFTC vs CME
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HEADLINE
**State of play: **Senate Republicans circulated a fresh Clarity Act draft ahead of Tuesday’s cloture vote, adjusting DeFi and credit union provisions, but the bill still lacks a clear path to the 60 votes it needs.
The new text sets clearer CFTC registration and Bank Secrecy Act triggers for DeFi projects and limits the DeFi language to spot-market and cash digital commodity transactions.
Senator Lummis said the draft incorporates over 114 Democrat-requested provisions and called it a bipartisan product built for lasting, not rule-by-regulator, clarity.
Key Democrats say they won’t back the bill without a bipartisan ethics agreement restraining Trump and officials from profiting off crypto, which remains unresolved.
White House adviser Patrick Witt and Treasury Secretary Bessent both urged senators to clear Tuesday’s procedural vote to keep negotiations alive.
Banking groups, including the ABA and 77 state associations, sent lawmakers a letter this week pushing for tighter limits on stablecoin yield and rewards.
**What’s Next: **The Senate holds a cloture vote Tuesday, Sept 15, needing 60 votes to proceed; failure would stall the bill indefinitely without a fix to the ethics and stablecoin-yield disputes.
**Why it Matters: **This is the first real test of whether a bipartisan crypto market structure bill can survive contact with the Senate floor rather than dying in negotiation, as prior attempts have.
Our Take: Republicans are betting that 114 Democrat-requested tweaks buy enough goodwill to overcome the ethics standoff, but that math ignores that the ethics issue is about Trump personally, not the bill’s text, so no amount of DeFi or credit union language fixes it.
GLOBAL LEGAL ROUNDUP
🇺🇸
Senate Republicansunveilrevised crypto bill🇺🇸
New Clarity Act texttweaksDeFi, credit union provisions🇺🇸
Hyperliquid Policy CenterbacksCFTC in fight over perpetual futures🇺🇸
Crypto industry groupsaskingcourt to block controversial crypto tax🇺🇸
SBFasksSupreme Court to overturn fraud conviction and $11B forfeiture🇺🇸
CitadelurgesSEC to assert oversight of event contracts tied to public firms
🇬🇧
UK House of Lordsbacksmandatory digital asset strategy🇪🇺
EU finance groupspushto remove tokenized securities cap🇪🇺
ESMAsaysmajor prediction platforms lack EU authorization🇩🇪
German finance ministryproposes25% crypto tax starting 2028🇮🇹
Italy’s central bankorderssanctions screening for crypto transfers
🇮🇳
Indiaseekstakedowns of 15 crypto platforms over AML compliance🇦🇺
Australiaremoved45 crypto, remittance registrations over the past year
CASE STUDY
State of play: The Hyperliquid Policy Center filed an amicus brief backing the CFTC in CME’s lawsuit over perpetual futures, arguing CME lacks standing and that its “novel theory” would let incumbents block any new CFTC-approved product.
HPC’s brief, filed by former Solicitor General Elizabeth Prelogar, warns that a CME win would invite litigation against every future CFTC product approval.
CME sued the CFTC in June, arguing perpetual futures compete with its offerings and should be classified as swaps under Dodd-Frank.
The CFTC approved the first US perpetual futures for Kalshi and Coinbase in May, which HPC says expanded the market rather than adding new competitors.
CME CEO Terrence Duffy has called perpetual futures a “disaster waiting to happen,” while Trump has pushed to bring Hyperliquid onshore legally.
Our Take: CME’s standing theory is really an admission that it can’t compete on product, not law; Kalshi has been CFTC-regulated since 2020, so the real fight is whether incumbents get a veto over any innovation that eats their volume rather than beats it in court.
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