Senate to Vote on CLARITY Act Before August Recess, Lummis Says
U.S. Senator Cynthia Lummis (R-WY), chair of the Senate's digital assets subcommittee, stated the Senate may work past Friday and through the weekend to secure a vote on the CLARITY Act before the August recess. This vote would force senators to take a public position on the bill. Over 300 pages of amendments, requested by Democrats, have been prepared after 11 months of negotiations, with final discussions ongoing regarding CFTC jurisdiction, law enforcement provisions, and ethics rules for senior federal officials.
Key unresolved issues, per Democratic staff, include securities protection, illicit finance, national security, and presidential conflicts of interest. A bipartisan counterproposal, allowing state attorneys general to enforce federal crypto ethics rules, has been sent to President Trump, who reportedly agreed to broader restrictions than those applied to previous presidents. Lummis asserted that if the bill fails, it will be due to Democratic opposition.
Regulators have expressed support. CFTC Chairman Michael S. Selig endorsed congressional action for clearer digital asset rules, while SEC Chairman Paul Atkins expressed optimism about the bill's passage. The CLARITY Act aims to divide oversight between the CFTC and SEC, providing distinct regulatory frameworks for cryptocurrencies and securities. Proponents argue this clarity will help retain crypto companies, capital, and innovation within the United States, preventing an exodus to jurisdictions like Switzerland or Singapore.
The approaching recess deadline increases pressure to secure the 60 votes typically needed. With Republicans holding 53 seats, Democratic support is crucial. A Senate vote would lock in each legislator's stance before negotiations with the House on a final bill text.
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