Overview
- Senate negotiators said a merged Banking and Agriculture draft may be released this week and the House Digital Assets Subcommittee will hold a New York City field hearing on July 17 to gather industry testimony.
- Democrats have renewed calls for hearings after President Trump’s 2025 disclosure showed roughly $1.4 billion in crypto‑linked income, and some senators say enforceable ethics guardrails are a condition of their support.
- A central policy fight centers on Section 604, which would shield non‑custodial software developers from money‑transmitter rules and which law‑enforcement groups say could hinder investigations.
- The Senate needs about 60 votes to clear a filibuster, the recent death of Senator Lindsey Graham narrowed the Republican margin, and negotiators face a roughly four‑week window before the August 7 recess to secure cloture.
- Market odds for passage have fallen as uncertainty grows, sponsors and the White House press for a vote, and failure to act would likely push rulemaking and litigation to shape U.S. crypto policy into 2027 and keep firms cautious.