Several sources familiar with the discussions told CoinDesk that lawmakers are expected to release a revised version of the Digital Asset Market Clarity Act this week, although several unresolved issues could still prevent the bill from moving ahead quickly.
Speculation that the Clarity Act has stalled permanently appears to be premature. While the legislation remains alive, the crypto industry still faces significant challenges before the bill can complete its path through Congress.
The proposed crypto market structure legislation remains a major priority for the industry as lawmakers attempt to create clearer rules for digital assets in the United States.
New Clarity Act Draft Could Arrive This Week
People familiar with the negotiations said lawmakers plan to introduce an updated version of the Clarity Act that combines the separate proposals approved by the Senate Banking and Agriculture Committees.
The latest draft comes after both committees worked through differences between their versions of the legislation. While the release would represent progress, it does not guarantee that the bill is ready for a final vote.
The remaining disagreements will determine whether lawmakers can build enough support for the legislation to advance.
Major Issues Still Need Resolution
According to sources, the revised draft could include roughly 70 additional pages of changes while merging provisions from the two Senate committee versions.
However, the updated text is not expected to include an ethics provision or settle several remaining disputes surrounding the bill. Without agreement on those issues, the legislation is unlikely to move directly to a Senate vote.
The timing is becoming increasingly important, as lawmakers have a limited window to push the bill through Congress and get it to the president’s desk before the 2026 legislative calendar becomes more difficult.
Senate Vote Would Require Bipartisan Support
The next major step could be a Senate floor vote. Senate Majority Leader John Thune previously indicated that he was willing to schedule a vote in July, with reports suggesting the legislation could be considered during the weeks of July 20 or July 27.
To pass in the Senate, supporters would likely need at least 60 votes, meaning several Democrats would have to support the bill. The required number could increase if any Republicans oppose the measure or are unavailable during the vote.
Crypto advocacy groups are expected to closely track lawmakers’ positions, while industry organizations will likely emphasize the significant financial resources available through crypto-related political groups.
However, the approaching 2026 midterm elections could complicate the process. With Election Day scheduled for Nov. 3, lawmakers will soon return to campaigning and face pressure from their political bases.
Trump’s Position Could Influence the Outcome
Donald Trump is expected to remain an important factor in negotiations. His administration’s position, particularly regarding an ethics agreement, could determine whether Democrats are willing to support the legislation.
One source suggested that if the next draft does not include an ethics provision or even a framework for addressing the issue, it could make bipartisan approval more difficult.
Several people involved in the discussions told CoinDesk that the White House has recently appeared less involved in negotiations than it was earlier in the summer. However, another source said officials may simply be waiting for lawmakers to resolve other outstanding disagreements before engaging further.
CBDC Debate May Be Removed From the Equation
A potential source of tension appears to have been reduced. Industry participants had previously worried that lawmakers could attempt to include a ban on a U.S. central bank digital currency in the Clarity Act, adding another controversial issue to already complicated negotiations.
However, a separate housing-related bill included a provision preventing the Federal Reserve System from issuing a CBDC for at least four years.
If that measure takes effect, the CBDC issue would be settled until 2030, allowing lawmakers to focus on other unresolved aspects of the Clarity Act.
Key Crypto Policy Events This Week
Tuesday
- Fed Chair Kevin Warsh will testify before the House Financial Services Committee.
Wednesday
- The Senate Select Committee on Intelligence will hold a hearing on Jay Clayton’s nomination for Director of National Intelligence.
- Kevin Warsh will appear before the Senate Banking Committee.
- The House Financial Services Committee will hold a hearing on the Consumer Financial Protection Bureau.
Thursday
- The Senate Banking Committee will conduct a hearing focused on the Consumer Financial Protection Bureau.
Friday
- The House Financial Services Committee’s digital assets subcommittee will hold a hearing in New York on the Clarity Act.
The coming days could prove critical for the future of the Clarity Act, as lawmakers attempt to resolve remaining disagreements and determine whether the bill can secure enough bipartisan support to move forward.
