Trump Reviews CLARITY Act as Deadline Looms for Senate Vote
With the Senate's legislative day counting down to 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 bill's latest ethics provisions, a move she describes as an 'unprecedented commitment' to strengthening government ethics standards.
Lummis, who spent the previous night revising the Commodity Futures Trading Commission (CFTC) section of the bill, says negotiations with Democrats remain active. The CLARITY Act now incorporates over 300 new pages of revisions in its quest for a compromise capable of securing enough support for passage.
As lawmakers rush to finalize the legislation, Lummis emphasizes the need for an up-or-down vote, warning that if the bill stalls, it will be due to opponents preventing the Senate from making a final decision.
The CLARITY Act's significance extends far beyond XRP, as it seeks to establish a clear legal framework defining when digital assets fall under the jurisdiction of the SEC or CFTC. A definitive regulatory framework could eliminate much of the uncertainty surrounding XRP, giving exchanges, banks, payment providers, and institutional investors greater confidence to support the asset.
Supporters argue that the bill's impact extends beyond XRP, encouraging blockchain companies to build and innovate in the United States rather than relocating to jurisdictions with more predictable regulatory environments.