Galaxy Research Director: Revised CLARITY Act Draft Adds Insider Trading Provisions and Multiple Adjustments

Alex Thorn, Director of Galaxy Research, posted on the X platform stating that the U.S. Senate Banking Committee has released the complete draft of the updated CLARITY Act, which includes significant adjustments in several key chapters, including: 1. A major rewrite of Chapter 1 regarding definitions and the authority of the Securities and Exchange Commission (SEC); 2. The addition of insider trading provisions in Section 109; 3. Updating 'common control' to 'coordinated control' in Chapter 2; 4. A rewrite of Section 301 to further clarify the regulatory boundaries between DeFi and CeFi; 5. Updating Section 404 to incorporate the compromise proposals from Tillis and Alsobrooks; 6. Adjusting Section 505 to narrow the scope of SEC's authority limitations in the tokenization space; 7. Restructuring the bankruptcy and insolvency framework in Sections 701 and 702; 8. The addition of Section 904, titled 'Build Now Act'; 9. 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 protections.