Clarity and Congress's Summer Break: State of Crypto

The Clarity Act was not signed into law on July 4 as White House adviser Patrick Witt said in May he hoped would happen, and time is running short to pass it before the midterms. According to CoinDesk, people following the process still see a path this year as staffers work behind the scenes to reconcile Senate Agriculture and Senate Banking versions, with the Senate potentially needing only a few days to invoke cloture and reach 60 votes. U.S. President Donald Trump’s 2025 financial disclosure showing $2 billion in income, including about $1.4 billion tied to crypto, has fueled Democratic calls led by Senator Elizabeth Warren for ethics limits; Senator Ruben Gallego also warned he may not back the bill without enforceable standards.