Senator Cynthia Lummis expects the final text of the CLARITY Act to arrive soon as the Senate prepares for a potential vote.
Senator Cynthia Lummis stated this week that the final text of the CLARITY Act will arrive soon, signaling the end of a ten-month negotiation process to merge different versions of the bill. The legislation aims to establish a permanent federal framework for digital assets, specifically codifying XRP as a commodity to ensure the classification survives future changes in the administration. Republican senators briefed President Trump at the White House on Thursday, July 16, to discuss the bill's progress. While the House passed its version last year, the Senate must now secure 60 votes to move the bill forward. A primary sticking point remains an ethics provision designed to prevent senior government officials from profiting from the crypto businesses the bill regulates. This provision is particularly relevant to President Trump, who saw significant crypto income last year. If the bill passes before the August 7 recess, it could unlock billions in institutional investment. However, prediction markets currently show a 31% to 36% chance of the bill becoming law this year as lawmakers struggle to finalize the bipartisan ethics language.