Senators Race to Move Crypto Market-Structure Bill Before the August Recess

The push to pass the Clarity Act, the bill that would define the boundary between securities and commodities for digital assets, intensified on July 29. Coinbase chief executive Brian Armstrong said "clear rules are almost here," saying the effort was nearly finished, while Republican Senator Cynthia Lummis of Wyoming publicly criticized Democratic lawmakers for slowing the timetable.

The remaining obstacles are vote counting and ethics. The bill needs 60 votes in the Senate, and as of late July not a single Democrat had endorsed the draft, leaving supporters to find at least seven crossover votes before the recess. Two senators from opposing parties reworked the section governing the conflicts of interest tied to President Donald Trump's crypto businesses, hoping the revised language wins enough support without losing the coalition that produced it.

Industry figures publicly backed the current text. The SEC chairman Paul Atkins said he was committed to advancing the bill, and the conglomerate Digital Currency Group warned that failure would push activity to Singapore and the United Arab Emirates. Democratic opposition has centered on enforcement mechanics, with some members seeking law-enforcement changes and objecting to Department of Justice-only ethics oversight.