U.S. Senate Recess Until July 13 as CLARITY Act Talks Continue

The U.S. Senate will recess until July 13, and progress on the CLARITY Act will depend on behind-the-scenes coordination over the next two weeks. According to Foresight News, bipartisan staff, government officials, and industry participants are working to resolve remaining disputes, including aligning differences between the Banking Committee and the Agriculture Committee texts and reaching agreement on ethics standards and anti-illicit-finance provisions. The bill would require support from at least 60 senators to pass. Even if all 53 Republican senators back it, at least seven Democratic senators would still be needed. Reuters reported that since U.S. President Donald Trump returned to the White House, his crypto-related business activities have generated more than $2 billion in additional wealth; the report said support from many Democrats may depend on whether the White House agrees to establish a strong ethics framework addressing issues tied to Trump’s crypto business. Separately, major law enforcement groups continue to oppose including provisions from the Blockchain Regulatory Certainty Act, arguing they would make investigations and prosecutions of on-chain crime more difficult. Additional unresolved issues in the Agriculture Committee text include whether federal law should preempt state law, how exchanges manage conflicts of interest, and limits on related-party transactions. Sources said no final agreement has been reached, and it remains uncertain whether the Senate can complete a vote before the August recess.