Overview
- Negotiators have merged Senate Banking and Agriculture texts and industry figures say a floor vote could come the week of July 20, but no official Senate vote is yet scheduled.
- Two central disputes — enforceable ethics language tied to President Trump’s crypto earnings and how stablecoin yields are treated — remain unresolved and are blocking enough Democratic crossover votes for cloture.
- The CLARITY Act would draw clear jurisdictional lines by giving the SEC authority over securities‑like tokens and the CFTC authority over commodity‑style tokens, and it includes a provision to treat customer crypto as property in bankruptcy.
- Crypto firms and former regulators are urging quick action before the August recess while prediction markets and traders have trimmed the odds that the bill will become law in 2026.
- If the Senate fails to pass the bill before recess, lawmakers and markets expect continued legal uncertainty that could push regulators to act unilaterally and slow U.S. crypto industry growth.