Senate Republicans unveiled a revised Clarity Act that adds a temporary ban on top federal officials issuing or sponsoring digital assets while preserving key pro-crypto provisions.
Senate negotiators say the Clarity Act is "almost there" as Treasury Secretary Scott Bessent calls it the "1-yard line," with lawmakers racing to pass the crypto market-structure bill before the August recess.
President Trump will meet senators as negotiations over the CLARITY Act's ethics provisions threaten the bill's chances of passing before the August recess.
CFTC Chairman Michael Selig urged Congress to pass the Clarity Act before the August recess, saying the crypto market-structure bill is "so close" despite ongoing disputes over ethics and stablecoin provisions.
U.S. lawmakers and White House officials said that clear crypto rules will determine whether the U.S. leads financial innovation, with Sen. Cynthia Lummis warning that another hostile administration could mean “game over” for sensible regulation.
Over 100 cryptocurrency firms and industry organizations are urging the U.S. Senate to move forward on long-delayed market structure legislation, cautioning that further delays could drive innovation and capital abroad.
Treasury Secretary Scott Bessent told a Senate panel Wednesday that passing comprehensive crypto legislation is vital to maintaining U.S. financial leadership.
Three finance and policy leaders urged Congress to pass the Clarity Act, a long-delayed bill that would establish U.S. rules for cryptocurrency and blockchain markets.
