Overview
- Republican senators released a merged 616‑page CLARITY Act text on Wednesday that defines SEC and CFTC roles, brings digital‑commodity platforms under the Bank Secrecy Act, and limits certain stablecoin rewards.
- The bill would bar the president, vice president, judges, many lawmakers and their families from issuing or sponsoring digital assets with the restriction set to expire on January 20, 2029.
- The draft assigns exclusive civil enforcement of the ethics rules to the U.S. Attorney General and expressly prevents state attorneys general from bringing enforcement actions, a provision seven Senate Democrats called insufficient.
- Major crypto firms and some financial executives urged passage to end regulatory uncertainty, but prediction markets sharply lowered the bill’s short‑term odds and Majority Leader John Thune said Senate passage before the August 7 recess now looks unlikely.
- Negotiations continue this weekend as senators work on bipartisan counterproposals to the ethics enforcement language while unresolved concerns about consumer protections, illicit‑finance safeguards and conflict‑of‑interest rules keep the bill from commanding the 60 votes needed to advance.