- Senate negotiators are finalizing the CLARITY Act, with ethics provisions remaining the primary unresolved issue.
- Lawmakers aim to hold a Senate vote before the August recess, pending sufficient bipartisan support.
- Stablecoin policy and crypto tax reform are expected to remain key legislative priorities after the CLARITY Act.
The CLARITY Act moved closer to a U.S. Senate vote as lawmakers negotiated final bill language before the August recess. According to former CFTC Commissioner and Blockchain Association CEO Summer Mersinger, senators are merging competing proposals while debating ethics provisions tied to President Donald Trump’s crypto-related financial interests. The discussions come after recent disclosures showed Trump earned about $1.2 billion from crypto ventures during his first year in office.
Ethics Debate Delays Final Bill
According to Mersinger, the Senate Banking Committee and Senate Agriculture Committee are combining separate versions of the CLARITY Act into one proposal. She said lawmakers continue resolving remaining issues before bringing the legislation to the Senate floor.
Notably, ethics language remains the biggest unresolved issue. Democrats have argued that elected officials should face restrictions on issuing or promoting digital assets.
CNBC also reported that Senate leaders hope to hold a vote before lawmakers leave for the August recess. However, Democratic support depends largely on the final ethics provisions included in the legislation.
Senator Mark Warner said lawmakers should limit the ability of elected officials, including the president, to profit from crypto. Meanwhile, Senator Bernie Moreno said the proposal would prevent elected officials from issuing or promoting digital assets, although the restriction would not extend to family members.
Senate Targets Vote Before August Recess
Meanwhile, Mersinger said she expects the Senate could vote as early as next week. She added that supporters must still secure enough votes to overcome the Senate’s 60-vote cloture requirement.
According to Mersinger, lawmakers are working through the final negotiations after President Trump met Republican senators to discuss the ethics provisions. She described the legislation as being “at the one-yard line.”
Separately, commentator Mark Chadwick claimed on social media that the CLARITY Act remains delayed because of Trump’s reported crypto earnings. Chadwick also alleged the bill would prevent elected officials from issuing or promoting digital assets.
Stablecoin Rules And Tax Reform Remain Priorities
Beyond the current negotiations, Mersinger addressed concerns surrounding stablecoin yields and banking opposition. She said banks continue lobbying lawmakers, although she believes earlier negotiations already settled many of those issues.
She also rejected claims that stablecoins would cause widespread deposit flight from traditional banks. Finally, Mersinger identified crypto tax reform as the next major legislative priority after stablecoins and the CLARITY Act.
