Senate Republicans are set to unveil the CLARITY Act text today, July 17, immediately following a meeting with President Donald Trump. This release comes amid strong opposition from Senate Democrats, who have expressed unwavering intentions not to back the current draft.
Senator Bernie Moreno (R-Ohio) confirmed the timing for the release, indicating that it would take place right after the meeting. He remarked, “We’ll do that right after the meeting. You guys have a lot of reading to do.” Despite this, Democratic senators are not expected to participate in the White House meeting. Key concerns include the ethics provisions related to President Trump's business interests in the crypto sector, which Democrats argue are insufficient.
Senator Ruben Gallego (D-Ariz.), a prominent Democratic negotiator, criticized the Republican approach, labeling their ethics language as “very weak.” Gallego emphasized that these provisions grant too much leeway while offering inadequate consumer protections. He stated, “They’re taking a version of the text to the president with their ethics provisions, not with anything that we agree to as Democrats.” Senator Cory Booker (D-N.J.) echoed these sentiments, asserting that a bipartisan approach is essential for moving forward.
Senate Vote Requirements and Timeline
The legislation must achieve 60 votes for passage in the Senate, necessitating support from at least seven Democrats, given that Republicans currently hold 53 seats. Senate leadership is keen to pass the measure before the August 8 recess deadline. The bill had already missed its July 4 target, intensifying the urgency among lawmakers.
Past discussions have shown some bipartisan agreement, with the Senate Banking Committee previously advancing the bill in a 15-9 vote on May 14. However, this support has diminished amid the ongoing disagreements over ethics provisions. Industry voices, including Coinbase’s policy chief, have advocated for the bill, citing it as a significant step forward for consumer protection.
As uncertainty looms, prediction markets reflect this with Polymarket odds suggesting a 45% chance of the CLARITY Act becoming law in 2026.
This article is for informational purposes only and does not constitute financial advice.
