Overview
- Senate Majority Leader John Thune said the bill lacks the votes to clear the Senate before the August recess, a development reported after floor scheduling efforts in late July.
- A central dispute concerns an ethics package that would bar senior officials from issuing or sponsoring cryptocurrencies while in office and contains a sunset and DOJ‑led enforcement that many Senate Democrats find too weak.
- Negotiators released a merged roughly 616‑page draft combining Senate Banking and Agriculture committee language that also adds anti‑money‑laundering rules, custody and developer provisions, and new stablecoin controls.
- Market and policy observers cut the bill’s 2026 enactment odds to about 30–33% as major asset managers including BlackRock, Goldman Sachs, Fidelity, Charles Schwab and Grayscale step up lobbying to revive the measure.
- If the CLARITY Act fails before recess, stakeholders warn legal uncertainty over token classification and oversight will likely persist and regulators may pursue unilateral rulemaking as the next path to shape crypto policy.