The US "CLARITY Act" advances into a critical two-week period, with multiple parties intensifying consultations during the Senate recess.
Foresight News reports, according to Crypto in America, that the US Senate will be adjourned until July 13. Whether the CLARITY Act can advance depends on the progress of behind-the-scenes negotiations in the next two weeks. Bipartisan staff, government officials, and industry stakeholders are striving to resolve the remaining disagreements, including reconciling differences between Banking Committee and Agriculture Committee texts, as well as reaching consensus on ethical standards and provisions for combating illicit finance. The bill requires support from at least 60 senators to pass. Even if all 53 Republican votes are secured, at least 7 Democratic senators would still need to join. Most Democratic support may depend on whether the White House agrees to establish a strong ethical framework regarding Trump-related crypto business issues. According to Reuters, since returning to the White House, Trump’s crypto business has generated more than $2 billion in additional wealth.
In addition, major law enforcement groups continue to oppose the inclusion of provisions from the Blockchain Regulatory Certainty Act in the bill, arguing that it would make on-chain crime investigations and prosecutions more difficult. Remaining disagreements in the Agriculture Committee text include issues such as the precedence of federal law over state law, exchange conflicts of interest management, and restrictions on related-party transactions. Sources say no final deal has been reached, and there is still uncertainty about whether a Senate vote can be completed before the August recess.
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