Senate Majority Leader John Thune Plans CLARITY Act Floor Consideration During Week of July 20

U.S. Senate Majority Leader John Thune plans to begin full Senate floor consideration of the CLARITY Act during the week of July 20. According to Foresight News, The Hill reported that law enforcement agencies have softened their stance on a developer exemption provision in the bill. Major County Sheriffs of America, which previously opposed the exemption, shifted to a neutral position last week. The White House, the Treasury Department, and Senator Catherine Cortez Masto are drafting revisions related to the provision. Negotiations over the bill still face unresolved disputes, including an ethics provision in which Democrats are seeking limits on government officials’ involvement in the crypto industry. Other outstanding issues include Democratic commissioner seats at the SEC and CFTC, and continued pressure from the banking industry over what it views as regulatory gaps related to stablecoin yields. The ethics debate has intensified following a financial disclosure showing U.S. President Donald Trump had about $1.2 billion in crypto-related income last year. Analysts warned that the period before the August recess may be the final window for this Congress to pass the legislation.