U.S. Senate crypto bill may advance with revised Clarity Act draft

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Senate crypto bill Clarity Act

Highlights

The Senate may release a revised Clarity Act next week, combining Banking and Agriculture Committee work with expanded consumer protections and unresolved ethics issues.
Democratic support for the crypto bill remains uncertain, as the White House has not participated in recent talks and disagreements persist over agency nominations and ethics provisions.
The Blockchain Regulatory Certainty Act section—protecting developers from money transmitter rules—gains some Senate support, but timing, House divisions, and presidential approval remain obstacles.

Senate negotiations enter final stretch

As first reported by CoinDesk, people following the effort say lawmakers may release a new version of the Clarity Act as soon as next week as Senate leaders push for possible floor action later in July.

The updated text combines work from the Senate Banking and Agriculture Committees rather than simply merging the two earlier committee-approved bills. People briefed on the talks say the draft reflects negotiations on unresolved issues and adds greater emphasis on consumer protections.

The measure still faces major obstacles. One of the main sticking points is an ethics provision sought by Senate Democrats that would restrict senior government officials, including the president, from maintaining business ties with the crypto sector. Other unresolved matters include federal preemption and final agreement on appointments at the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The bill's supporters expect it could reach the Senate floor as soon as the week of July 20. Even so, the legislation needs 60 votes to advance, and Democratic support remains uncertain, including from two Democrats who previously backed the Banking Committee's version but warn they may not support a final text that does not address their concerns.

Political hurdles cloud crypto industry outlook

The White House has not signed off on the merged draft and has not taken part in the latest negotiations, adding another layer of uncertainty for the crypto industry as it seeks a federal market structure framework. Earlier on Thursday, the White House sent a letter to Senate Majority Leader John Thune and Minority Leader Chuck Schumer saying Democrats had not submitted names for minority roles at the SEC and CFTC.

That exchange follows broader tensions between Senate Democrats and the administration over vacancies at independent agencies. Last month, Democratic senators criticized Trump and Thune for not engaging through the usual process for identifying Democratic nominees, saying critical posts risk remaining unfilled.

There are also limited signs of support for parts of the bill. Senator Ron Wyden said in a Wednesday letter that he backs legal protections for developers contained in the Blockchain Regulatory Certainty Act section, which would ensure developers are not treated as federal money transmitters when they do not handle customer assets. That provision remains a priority for the decentralized finance sector in the current negotiations.

Even if the Senate reaches agreement, the House of Representatives would still need to pass the Senate version before the bill can become law. That leaves the legislation exposed to a tight calendar, Republican divisions in the House and the need for President Donald Trump to sign the final measure.

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