CLARITY Act Sees Procedural Vote Push Amid Ethics Disputes
The CLARITY Act is back in focus as Senate Republicans aim to hold a procedural vote before the August recess. To advance, the bill needs 60 votes and currently has support from major Wall Street firms like BlackRock, Goldman Sachs, Fidelity, Franklin Templeton, and SoFi.
The legislation would provide regulatory certainty for digital assets and allow banks to work with them more easily. SEC Chairman Paul Atkins supports the bill and has offered technical assistance during its passage. However, some Republicans are concerned that stablecoin yield programs could pull deposits out of traditional banks.
Ruben Gallego and Thom Tillis have been negotiating new ethics language for the bill, which is tied to President Trump's crypto business interests. Democrats want stronger guardrails on how Trump and his family can profit from digital assets while the bill becomes law. Republicans previously circulated a draft that was rejected by Democrats.
The outcome of the procedural vote remains uncertain, with some GOP senators still undecided and others concerned about the potential impact on traditional banking. The Senate is scheduled to leave for recess in August, limiting the time available for full debate. If the bill cannot be completed before recess, final consideration could move to September.