U.S. Sen. Lummis Says Updated CLARITY Act Would Bolster Legal Protections for DeFi Developers

U.S. Senator Cynthia Lummis said an updated version of the CLARITY Act is intended to deliver "the strongest protections" for decentralized finance (DeFi) and its developers, according to ChainCatcher. Her comments followed criticism from crypto attorney Jake Chervinsky over draft language on developer liability. Lummis said bipartisan revisions have been made to reinforce legal safeguards for noncustodial software developers. Chervinsky said the draft may still leave some DeFi builders exposed, arguing that the bill's current definition of money transmission could create liability risks because key provisions remain unclear. ChainCatcher reported that the newest revised text has not yet been released publicly and is expected to move to the Senate Banking Committee for review in April.