Trump Reviews CLARITY Act as Deadline Looms for Senate Passage

With just one day left before the Senate breaks for its summer recess, the fate of the CLARITY Act hangs in the balance. Senator Cynthia Lummis revealed that President Donald Trump is personally reviewing the latest ethics provisions as lawmakers rush to finalize the legislation.

Lummis spoke on Fox Business, stating that negotiations with Democrats remain active and that she spent the previous night revising the Commodity Futures Trading Commission (CFTC) section of the bill. The bill has undergone more than 300 new pages of revisions in an effort to reach a compromise capable of securing enough support for passage.

Lummis praised Trump for his commitment to strengthening government ethics standards, arguing that Congress now has a rare opportunity to provide the crypto industry with the regulatory clarity it has sought for years. She emphasized the importance of passing the CLARITY Act, saying 'Let's provide a clear regulatory framework and keep this industry here in the United States.'

The CLARITY Act seeks to establish a clear legal framework defining when digital assets fall under the jurisdiction of the SEC or the CFTC, a longstanding source of uncertainty that has weighed heavily on the crypto industry. This includes Ripple's ongoing legal battle with the SEC.