Overview
- As of June 26, 2026 the CLARITY Act is on the Senate Legislative Calendar but has no scheduled floor vote because negotiators remain deadlocked over enforceable ethics rules tied to President Trump’s reported $2.3 billion crypto exposure.
- Senate negotiators led by Sen. Cynthia Lummis plan to publish a final bill text around July 4 for one last review and are aiming for a July floor vote, but the Senate needs roughly seven Democratic crossover votes to clear the 60-vote cloture threshold.
- Section 604, which would exempt certain non-custodial developers from being labeled money transmitters, prompted warning letters from major law-enforcement groups and nearly 100 Catholic leaders who say it could hinder investigations.
- The Department of Justice pushed back on those warnings, saying the CLARITY Act would not weaken federal criminal investigations and that critics’ claims contain factual inaccuracies.
- If negotiators miss the compressed pre-recess window, industry advocates say passage could slip past 2026, leaving open questions about CFTC/SEC jurisdiction, stablecoin yield rules and developer liability that affect firms, investigators and users.