Senate Set for Crucial Vote on CLARITY Act Before August Recess

U.S. Senator Cynthia Lummis (R-WY) says the Senate will vote on the CLARITY Act before lawmakers begin their August recess. The bill aims to divide federal crypto oversight while addressing ethics, enforcement, consumer protection, and market certainty.

The Wyoming lawmaker expects the Senate to remain in session beyond Friday as they push to vote on the CLARITY Act. With 11 months of negotiations producing over 300 pages of Democratic-requested changes, Lummis notes that talks are still ongoing over the Commodity Futures Trading Commission (CFTC) section, law enforcement provisions, and ethics rules for senior federal officials.

Regulators support legislation dividing crypto oversight between the CFTC and the U.S. Securities and Exchange Commission (SEC), with separate paths for qualifying digital commodities and securities. SEC Chairman Paul Atkins expressed optimism that Congress will pass the legislation, adding to the backing from another central regulator.