Bernstein said Congress’ failure to pass the CLARITY Act’s could trigger another leg down for crypto valuations and accelerate policy support from US regulators. The odds of the Digital Asset Market Clarity Act’s (CLARITY) passage are dwindling as the US Senate is scheduled to begin summer recess at the end of this week, threatening another leg down for cryptocurrency valuations, according to wealth manager Bernstein. Bernstein said that the Senate’s failure to pass the legislation could trigger an immediate negative “industry knee-jerk reaction,” which may result in another leg down for Bitcoin and the broader crypto market. “From a tactical standpoint, we expect the crypto market to bottom and start showing momentum towards late Q3 and early Q4 prior to the mid-terms,” Bernstein analysts…
The window to pass a comprehensive crypto market structure bill before the Senate breaks for a month-long recess is closing, with ethics a dividing issue for many lawmakers. Two US senators on opposite sides of the political aisle have reportedly sent revised ethics guidelines to the White House as part of discussions over a cryptocurrency market structure bill in Congress. According to a Thursday PunchBowl report, Senator Thom Tillis and Senator Ruben Gallego submitted a counteroffer to the Trump administration that included a change to ethics provisions in the Digital Asset Market Clarity (CLARITY) Act. The changes would reportedly address concerns from many lawmakers in the first draft by allowing state authorities to enforce a ban on federal officials issuing or sponsoring tokens rathe…
A White House crypto adviser said that the proposed changes to the CLARITY Act were “not even close” to the administration’s position, signaling another fight over the bill. Organizations representing law enforcement officials in the US have reportedly proposed changes to a comprehensive cryptocurrency market structure bill under consideration in the Senate, with only days left until the chamber breaks for a month-long recess. According to a Tuesday Politico report, the National Association of Assistant US Attorneys and the National District Attorneys Association sent a letter to the White House asking for changes on provisions regarding developers in the Digital Asset Market Clarity (CLARITY) Act. The changes proposed to the Blockchain Regulatory Certainty Act (BRCA) within the CLARITY Ac…
New York Attorney General Letitia James said the federal crypto market structure bill could restrict state regulators and urged Congress to impose stronger consumer protections on digital asset platforms. New York Attorney General Letitia James urged Congress to strengthen oversight of cryptocurrency companies, warning that proposed federal legislation could weaken states’ ability to investigate scams and hold platforms accountable. In written testimony submitted Monday to the Senate Permanent Subcommittee on Investigations, James said the Digital Asset Market Clarity Act would override state regulation of digital asset markets and shift oversight to the Commodity Futures Trading Commission. She argued that this would undermine state and local enforcement. According to the attorney general…
Despite support from Goldman Sachs, Fidelity and law enforcement bodies, the Clarity Act’s chances dim. BitMEX to close as crypto consolidates into five big players. Despite wealthy memecoin entrepreneur President Donald Trump agreeing to an ethics deal, the Clarity Act (CLARITY) is floundering as the August recess deadline looms. Senate Majority Leader John Thune said he doesn’t believe the act has the votes to pass just yet, but may bring it to a vote anyway to “get Clarity started. We’ll see where the votes are.” The ethics deal would prohibit all US officials from issuing or sponsoring digital assets, but contains some “get out of jail free” provisions for the President that the Democrats are unhappy with, including the fact the rules expire the day he is scheduled to leave office in 2…
Fidelity called on the US Senate to pass the CLARITY Act, joining industry groups and crypto firms pushing for market structure legislation. Fidelity called on the US Senate to pass the CLARITY Act on Friday, saying clear digital asset regulations are needed to strengthen investor confidence, provide certainty for market participants and reinforce US leadership in global crypto markets. The company joins a growing coalition of financial firms and crypto organizations urging US lawmakers to advance digital asset market structure legislation. Earlier Friday, the Crypto Council for Innovation, the Digital Chamber and the Blockchain Association called on Senate leaders to bring the bill to the floor. Coinbase CEO Brian Armstrong also called for a full Senate floor vote on Wednesday.
The window for US lawmakers to address a comprehensive crypto market structure bill before the 2026 elections is closing, and industry organizations are calling for action. The Crypto Council for Innovation, Digital Chamber and Blockchain Association wrote to US Senate leaders on Friday calling for the chamber to prioritize “floor consideration” of the Digital Asset Market Clarity (CLARITY) Act. In a Friday letter to Senator Majority Leader John Thune and Minority Leader Chuck Schumer, the three cryptocurrency advocacy groups urged consideration of the CLARITY Act, which Republican lawmakers have been pushing for a vote before the chamber breaks for state work periods in August. Although the bill has advanced through the Senate banking and agriculture committees, some lawmakers said they p…
On Wednesday, Senate Republicans released the proposed text for the CLARITY Act, which has been met with pushback from Democrats regarding ethics provisions. Democratic Senator Ruben Gallego says he will be working with Republicans to come up with a counterproposal to White House-approved ethics provisions in the CLARITY Act, saying the draft released this week was “not a serious effort.” On Wednesday, Senate Republicans released the proposed text for the Digital Asset Market Clarity (CLARITY) Act, including language on ethics that would bar all US federal officials — including US President Donald Trump — from issuing or sponsoring any digital asset. Democrats said the ethics provisions fall short. “Whatever piece of shit they sent back to us, that was not a serious effort,” Senator Ruben…
Goldman chief David Solomon will support the crypto market structure bill now in Congress, even as financial companies and banks are hesitant over provisions on stablecoins. David Solomon, chair and CEO of financial giant Goldman Sachs, has given his support for a “not perfect” cryptocurrency market structure bill under consideration in the US Senate even as many provisions continue to divide lawmakers and his fellow industry leaders. According to a Thursday Politico report, Solomon said that the Digital Asset Market Clarity (CLARITY) Act was “not perfect” but needed to create a “level playing field to enhance market stability.” Solomon stands out as the head of a major financial company backing the legislation, which many of his peers are opposing by arguing that the bill allows crypto co…
Both parties say they want US crypto market structure legislation, but a dispute over ethics rules and who enforces them is becoming the bill’s biggest obstacle. The long-awaited US Digital Asset Market Clarity Act (CLARITY) has hit another snag. This time, it’s not software developers or the turf war between federal regulators at stake, but the thornier question of ethics — ironic, given many politicians’ demonstrable disdain for them. After months of negotiations and what Coinbase’s chief executive Brian Armstrong called “thousands of hours of work on both sides,” disagreement over a code of conduct could make or break CLARITY once and for all.
According to Senator Cynthia Lummis, one of the bill’s advocates, the ethics language would apply to US presidents’ crypto ventures, including Donald Trump’s. Senate Republicans have released the proposed text for the Digital Asset Market Clarity (CLARITY) Act, including language on ethics that would bar all US federal officials — including President Donald Trump — from issuing or sponsoring any digital asset. In the 616-page text of the CLARITY Act made public on Wednesday, US lawmakers included language that the White House described as the “most comprehensive and wide-ranging ethics provision in history.“ The bill said all public officials, employees and their spouses would be barred from issuing or sponsoring digital assets and crypto platforms would similarly be blocked from listing a…
According to one lawyer testifying before a House subcommittee hearing, the CLARITY Act could grant the CFTC the authority it needs to address the “explosive growth of prediction markets.” Lawmakers in the US House Committee on Agriculture’s Subcommittee on Commodity Markets, Digital Assets, and Rural Development held a hearing on how the Commodity Futures Trading Commission (CFTC) could address oversight of prediction market companies, including discussions of pending crypto market structure legislation. In a Tuesday hearing on “Examining Customer Protections and Market Integrity in Sports Event Prediction Markets,” Carl Kennedy, a partner at New York law firm Katten Muchin Rosenman, said that the CFTC was likely too “short-staffed” to fully deal with the regulation and enforcement of pre…
The decision keeps the administration’s chief crypto policy negotiator in place during what could be a decisive few weeks for the CLARITY Act. The White House’s top crypto adviser Patrick Witt said he will no longer take a leave of absence at the end of the month for military training, allowing him to remain at the White House to help advance the CLARITY Act in the Senate. “Last week, it was reported that I was set to leave for mandatory training as part of my service in the Georgia Army National Guard, right before Clarity hits the Senate floor,” Witt said in an X post on Monday. “While I remain committed to fulfilling my service obligation, I am grateful to report that my training has been deferred, and that I will be able to see this effort through to the end,” he added.
Coinbase vice chair Ryan VanGrack said that Democratic lawmakers had added provisions on customer protection to a digital asset market structure bill under consideration in the US Senate. As lawmakers in the US Senate are likely to vote soon on the Digital Asset Market Clarity (CLARITY) Act, representatives from advocacy organizations and companies are providing details of closed-door negotiations over the bill, which is expected to be the most comprehensive piece of legislation affecting the crypto industry. In a Monday CNBC interview, Coinbase vice chair Ryan VanGrack said while the final negotiations over text of the CLARITY Act were taking place in the Senate, Democratic lawmakers had added additional protections for customers to give what he called “more teeth” to the legislation. He…
The fate of the CLARITY Act hinges on Trump’s ethics, so the odds aren’t looking great. Prediction market volumes hit new highs, and more news. Polymarket suggests the odds of the CLARITY Act passing this year are just 40%, after a raft of Democratic Senators, including Chris Murphy, Jeff Merkley and Chris Van Hollen, spoke out against the bill. A crucial Senate vote could happen as early as this week, with Senate Majority Leader John Thune stating it will definitely be held before Aug. 10. Democrat Senator Elizabeth Warren is trying to spoil the vote by highlighting how much money President Donald Trump has extracted from the industry. She demanded Trump voluntarily release his crypto earnings for this year, after his 2025 disclosure, showed he earned more than a billion dollars from cryp…
US President Donald Trump is set to meet with several senators on Thursday as negotiators race to get the CLARITY Act across the line before the Senate’s August recess. US President Donald Trump is set to meet with several senators at the White House on Thursday to discuss progress on the crypto market structure bill. According to Politico, Senator Bernie Moreno said a group of senators will brief the president on the bill and “its path to success.” Senator Cynthia Lummis will also attend, according to a Senate Republican aide. “We’ll be talking about the entirety of the bill. I mean, obviously the president’s been very engaged in this bill,” said Moreno. “He’s the one who’s really driven the innovation that I think will pay dividends.”
Senate Majority Leader John Thune reportedly said the chamber will consider a vote on the crypto market structure bill before Aug. 10, though it’s unclear whether it has enough Democratic support to pass. The US Senate is expected to vote soon on a comprehensive bill to establish market structure rules for digital assets, backed by Republican lawmakers, while some Democrats continue to push for ethics provisions. In a Tuesday press conference, Senators Chris Murphy, Jeff Merkley, and Chris Van Hollen spoke alongside representatives for Americans for Financial Reform and Indivisible and Hollywood actor Ben McKenzie in opposition to the Digital Asset Market Clarity (CLARITY) Act. The lawmakers said that the bill did not address what they called “[Donald] Trump’s crypto corruption,” referring…
ABA and state banking associations published a joint letter calling for more detail on the CLARITY Act’s stablecoin yield provisions, ahead of the bill’s House hearing on July 17. A wide swath of the US banking industry is urging Senate leaders to amend the stablecoin yield provisions of the Digital Asset Market Clarity Act (CLARITY) now under consideration. The American Bankers Association (ABA), the Independent Community Bankers of America (ICBA) and 76 other state banking associations sent a joint letter to Senate leaders that claimed that the current language on stablecoin interest, yield and rewards is too ambiguous and argued that new amendments need to prevent payment stablecoins from acting as deposit substitutes rather than pure transaction tools. The joint letter, which showed s…
The Federal Law Enforcement Officers Association expressed support for the CLARITY Act but urged changes to the legislation’s language. The Digital Asset Market Clarity Act has secured its second public endorsement from a major US law enforcement organization, coming just weeks before what many see as a make-or-break legislative deadline before the Senate’s August recess. In a July 10 statement, the Federal Law Enforcement Officers Association (FLEOA) said it submitted a letter to the US Senate Banking Committee endorsing the CLARITY Act, while calling for changes to strengthen accountability in decentralized finance (DeFi) and preserve investigators’ existing powers. “[FLEOA] expressing support for CLARITY and confirming what many of us know — this bill is strong on consumer protection a…
Five senators called for committee hearings to investigate US President Donald Trump’s policies potentially being influenced by crypto funding from United Arab Emirates-linked and other entities. Five Democratic senators have called for committee hearings “to investigate the national security implications of President Trump’s cryptocurrency holdings” as the chamber considers digital asset market structure legislation. In a Friday notice, the Democratic ranking members of five US Senate committees and subcommittees asked lawmakers to address President Donald Trump’s 2025 financial disclosure, in which he reported earning about $1.4 billion connected to crypto ventures like his memecoin and family’s World Liberty Financial platform. The lawmakers said that the reports “heighten concerns abou…
