Summary
- Senate Republican leaders said they are accelerating efforts to pass the CLARITY Act, which would create a regulatory framework for the cryptocurrency market, in the full Senate in July.
- Some Democrats are demanding stronger ethics provisions, citing President Donald Trump's memecoin issuance and the Trump family's involvement with the World Liberty Financial (WLFI) platform and a Bitcoin (BTC) mining company.
- Some in the industry say that if the bill is not passed before August, the bill could slip to the next session in 2027.
Forecast Trend Report by Period
Senate Republican leaders are stepping up last-minute negotiations to pass the CLARITY Act in July as they try to put a regulatory framework in place for the cryptocurrency market.
Cointelegraph reported on June 29 that Republican leaders including Senate Banking Committee Chairman Tim Scott and Senate Majority Leader John Thune want to bring the CLARITY Act to the Senate floor this month. The Senate will be away from Washington through July 13 for a state work period, and another month-long state work period is scheduled for August, leaving just four weeks to act on the bill.
The CLARITY Act passed the House in July 2025 and then cleared the Senate Agriculture Committee and the Senate Banking Committee. Floor action has been delayed by industry opposition to a stablecoin rewards provision and disagreements among lawmakers over ethics rules.
Senator Cynthia Lummis, one of the bill's supporters, told Fox Business last week that negotiations have been intense since last Labor Day and have not been easy. She said lawmakers are wrapping up issues including decentralized finance, illicit finance and ethics provisions. The final text will be released around the July 4 Independence Day holiday to allow enough time for review before a Senate vote later in July, she added.
President Donald Trump's position has also emerged as a factor. Trump recently canceled a signing ceremony for a bipartisan housing bill that included a ban on central bank digital currencies, or CBDCs, and said he would not sign other bills either. That has made it unclear whether he would sign the CLARITY Act.
The bill needs at least 60 votes to pass the Senate. Republicans hold only a majority, meaning they need support from at least some Democrats. Democratic lawmakers are calling for stronger ethics provisions, citing Trump's memecoin issuance and the Trump family's involvement in the crypto industry through the World Liberty Financial platform, or WLFI, and a Bitcoin mining company.
Some in the industry say that if the bill is not passed before August, it could slip to the next session in 2027.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.