Overview
- Senate negotiators are preparing a merged CLARITY Act draft for the week of July 13–17 and senators are pressing to schedule a floor vote before the August recess.
- Three unresolved provisions — binding ethics limits tied to President Trump’s disclosed crypto interests, Section 604 protections for noncustodial and open‑source developers, and stablecoin/AML language — continue to block final agreement.
- Lawmakers must merge competing committee texts and secure roughly 60 votes to overcome a filibuster threat, a tight calendar risk that CFTC Chairman Michael Selig warned could leave policy to regulators instead of Congress.
- Industry voices including Coinbase leadership and public signals from JPMorgan are pushing for passage to create legal clarity, but prediction markets have cut near‑term odds of enactment to roughly 39–45 percent.
- If enacted the bill would place digital commodities under CFTC oversight and investment‑contract tokens under the SEC, a change that could let banks, pension funds, and large managers more confidently enter crypto markets and reshape custody and compliance practices.