Senate Draft of CLARITY Act Merger Could Be Released Next Week, Sources Say

A merged draft of the CLARITY Act could be released as early as next week, and the U.S. Senate is expected to move forward with consideration during the week of July 20, sources said. According to Foresight News, the information was reported by CoinDesk, citing people familiar with the matter. The merged draft was negotiated jointly by the Senate Banking Committee and the Senate Agriculture Committee. It adds more than 70 pages of new content and strengthens consumer protection provisions. The bill still faces several obstacles. Democrats are insisting on limits on business ties between senior government officials, including the president, and the crypto industry, and no compromise has been reached on this ethics provision. Other unresolved issues include federal preemption and nominations of commissioners for the SEC and the CFTC. The White House has not participated in the latest negotiations. The Senate has about four weeks of scheduled work remaining in July and early August, while ongoing infighting among House Republicans is adding to legislative uncertainty.