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Morning Edition · Saturday, July 25, 2026Published at 1:44 AM EDT · New York
CLARITY Act Loses Momentum as Thune Doubts a Pre-Recess Vote and Fidelity Presses the Senate
Republicans added new provisions barring presidential crypto profits, Democrats rejected the ethics text within hours, and Goldman Sachs diverged from other large banks over the bill's reach.
The United States market-structure bill known as the CLARITY Act, which would divide oversight of digital assets between regulators and define when a token is a security, is stalling in the Senate. Majority Leader John Thune cast doubt on passing it before the August recess, telling reporters he did not think it would get done in time.
The sticking point is ethics. Republicans released a July 22 draft containing provisions that would bar the president and other federal officials from profiting from crypto ventures, aimed at President Donald Trump's dealings. Senate Democrats rejected the text within hours as too weak, while the White House argued they should accept the limits they had already won. The dispute has produced unusual alignments. CryptoSlate reports that Goldman Sachs diverged from other large banks over the bill, while Cardano founder Charles Hoskinson found himself aligned with Senator Elizabeth Warren, a longtime industry critic.
Industry pressure is intensifying regardless. Fidelity, the roughly $7 trillion asset manager, urged the Senate to pass the bill, joining crypto advocacy groups and even a police union in public endorsements.
Veracity: Corroborated
90/100- If true, who benefits
Delay preserves the current case-by-case enforcement regime that favors incumbents and lets Democrats keep leverage over provisions touching President Trump's crypto ventures, while passage would benefit US-domiciled exchanges and token issuers seeking defined boundaries.
- The nuance
Thune doubted a full pre-recess vote but also said he wanted to "get Clarity started," so the story's "stalled" framing understates that a floor process could still begin, and the obstacle is as much recess-calendar mechanics as the ethics dispute.
Part of a tracked trend
Regulatory Perimeter for Crypto Hardens in EU and US
Over 3-6 months, enforcement deadlines and rulemaking debates narrow who can operate, with MiCA culling unlicensed EU firms and US regulators weighing durable rules over fragile exemptions.
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