Senate Republicans Release Revised Clarity Act Ahead of September 15 Vote
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Revised CLARITY Act targets ‘non-decentralized’ DeFi operators
The bill’s ethics section remained largely unchanged despite being one of the main points of contention ahead of a pivotal Senate vote.
Treasury Secretary Bessent urges CLARITY Act passage after Senate returns
Secretary Scott Bessent warned that failing to pass the CLARITY Act would send a “troubling signal” about America’s leadership in the digital asset industry.
The window for the passage of the Clarity Act is narrowing: whether it can pass before Congress's summer recess remains uncertain.
According to Foresight News , citing CoinDesk, the CLARITY Act's original goal of being signed on July 4th has been missed, and the window for its passage before the midterm elections is rapidly closing. While most of the Senate's work can proceed behind the scenes during the summer recess, the House process is currently stalled. Negotiators remain optimistic about passing the bill by 2026, but key coordination needs to be completed before the Senate recess on August 7th. If the bill fails to pass before the midterm elections, and the Democrats gain control of Congress after the elections, they will likely demand significant changes to the bill.
The probability of the Clarity Act being signed into law in 2026 has risen to 52%.
According to data from Polymarket, as reported by Mars Finance on July 5th, the probability of the Clarity Act being signed into law in 2026 has risen to 52%, an increase of 12 percentage points from July 3rd. In related news, the Major County Sheriffs Association (MCSA) stated that it no longer opposes the Clarity Act after initially expressing concerns about how it would affect investigations into illicit finance. Analysts believe that the MCSA's change of stance reduces a key obstacle in the Clarity Act's progress, increasing its likelihood of reaching the Senate vote. However, opposition from the banking industry to stablecoin yield products and DeFi regulation remains a major uncertainty.
After ongoing discussions on Section 604, the MCSA has shifted to a neutral stance on the Clarity Act.
According to an article published on the X platform by a Fox Business Odaily reporter, the Major County Sheriffs of America (MCSA) has shifted to a "neutral" stance on the Clarity Act after recent ongoing discussions surrounding Section 604, the Blockchain Regulatory Certainty Act. In a letter to the Senate Banking Committee leadership, the MCSA stated that, based on its ongoing review of the bill, there remains an opportunity to further strengthen the legislation in a way that supports responsible innovation and addresses the practical needs of state and local enforcement.
Crypto, Banks Take Clarity Act Lobbying Fight to Senators' Home States
Crypto advocates and community bankers are targeting lawmakers in their home states as the Senate prepares for a September 15 procedural vote.