The US Senate may vote on the Digital Asset Market Clarity (CLARITY) Act before its August recess, according to Senator Tim Scott, chair of the Senate Banking Committee. Scott said there is “time to get it done”, though finalised scheduling remains subject to Senate Majority Leader John Thune’s agenda-setting authority.
Senator Cynthia Lummis has urged swift action on the bill, which aims to establish licensing frameworks and regulatory restrictions for crypto firms handling stablecoins. The legislation requires support from 60 senators to advance, reflecting ongoing bipartisan negotiations over its provisions.
Democrats have raised concerns about potential conflicts of interest stemming from President Donald Trump’s crypto investments, while industry groups have pushed for clearer rules governing stablecoin reserves and transparency.
Uncertainty persists over whether compromises can be reached on amendments tied to Trump’s holdings and stablecoin oversight. A cloture vote, necessary to move the bill forward, remains contingent on securing sufficient cross-party backing.
Written by Jessica Primrose
Stablecoins Desk
