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Crypto groups urge Senate action on updated CLARITY Act text
The 616-page Digital Asset Market Clarity Act text would split oversight between the SEC and the CFTC, and Senate Majority Leader John Thune plans floor action before the summer recess.
Crypto executives and industry policy groups are urging the Senate to move quickly after updated text of the Digital Asset Market Clarity Act was released on July 22, with the vote outlook hinging on how lawmakers view ethics policing for government officials.
According to The Defiant, the dispute over the draft's approach to conflicts of interest is expected to play the biggest role in determining whether the bill can reach 60 votes before the August recess. Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis released the merged 616-page version that combines drafts previously approved by the Banking and Agriculture committees.
The bill would split digital asset oversight between the SEC and the CFTC. The Defiant also reported that it cleared the Senate Banking Committee 15-9 in May, and that Senate Majority Leader John Thune intends to bring it to the floor in the coming days before the summer recess.
Industry stakeholders framed the push as a response to the lack of a federal framework for crypto and the risk to U.S. customers. The DeFi Education Fund said a developer-protection section would remain unchanged, including that non-custodial developers would not be treated as money transmitters, while other protections and a self-custody provision would also remain in place.