Sen. Cynthia Lummis confirms the Clarity Act is scheduled for a Senate floor vote during the week of July 20th.
Sen. Cynthia Lummis confirmed that the Clarity Act is set for a Senate floor vote the week of July 20th. The bill aims to provide regulatory certainty for the U.S. cryptocurrency market and is expected to encourage onshore business. While the legislation seeks to integrate digital assets into the nation's financial regulations, it includes specific ethics provisions regarding President Trump. The administration announced its support for these provisions, which require federal officials to divest from or place digital assets into a blind trust one year after the bill's enactment. These rules prevent officials from creating their own digital currencies for profit or publicly endorsing specific coins. While Democrats have expressed concerns that the provisions do not specifically target the Trump family's crypto empire, Sen. Cynthia Lummis noted that the goal is to create a fair standard for all branches of government. Senate Majority Leader John Thune acknowledged that while the bill may not be finalized immediately, the administration aims to begin the process before the August recess.