Negotiations are ongoing, but crypto lobbyists are mobilizing support for a potential July vote.
By Jesse Hamilton|Edited by Nikhilesh De Jun 23, 2026, 1:00 p.m. 6 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on The Clarity Act is nearing a critical stage, with significant issues still unresolved. (Jesse Hamilton/CoinDesk)SummaryShow- A minimum of four key issues must be resolved before the Digital Asset Market Clarity Act can proceed to a Senate vote, including a political challenge regarding President Donald Trump's crypto affiliations.
- The legislation has roughly five weeks remaining for approval before Congress breaks for summer, coinciding with the onset of midterm elections.
- Executives from the crypto sector are arriving in Washington to advocate for the bill.
As the deadline approaches for the Digital Asset Market Clarity Act, negotiations are ongoing to address the final hurdles in the U.S. Senate, which is crucial for the crypto industry's legislative agenda.
Among the most challenging discussions is a provision that would prevent senior government officials from holding business connections to the crypto sector, particularly relevant to President Donald Trump's own crypto interests. Observers from the industry have been closely monitoring as Senate Democrats like Ruben Gallego and Kirsten Gillibrand engage in detailed discussions with Republican senators and the White House.
Despite some resistance to certain proposals, Democrats have shown a willingness to revisit discussions, according to insiders. However, specifics regarding the proposed limitations on government officials remain vague, aside from earlier comments from White House adviser Patrick Witt, who indicated that the goal was to ensure broad restrictions without singling out the president.
If the restrictions were to target Trump, it raises questions about how easily he could disentangle himself from his various crypto-related ventures, such as his involvement with World Liberty Financial, the crypto aspects of Truth Social, and his own memecoin.
Beyond the ethics provision, three additional negotiations are still crucial for the Clarity Act: addressing the concerns of Senate Agriculture Committee Democrats about commodities oversight; resolving law enforcement's issues regarding legal protections for decentralized finance (DeFi) developers; and handling ongoing disputes about stablecoin yield, which U.S. bankers are pushing for.
"My optimism stems from the fact that every senator and stakeholder involved, including industry groups like the Digital Chamber, remain engaged and committed to the discussions," stated Cody Carbone, CEO of the Digital Chamber, in a CoinDesk interview. "No one is ready to give up."
Carbone's organization is organizing a fly-in event where approximately 50 representatives from crypto companies, including Hyperliquid, Elliptic, and Anchorage Digital, will visit around 30 lawmakers' offices to advocate for the Clarity Act. They are particularly focused on engaging senators who are not currently part of the negotiations to generate increased interest and support for a Senate vote.
After the Clarity Act successfully passed through the Senate Banking Committee weeks ago, lobbyists are now eager for further progress in negotiations. Many hope to see the bill reach the Senate floor during the week of July 13, which leaves about 13 working days, including weekends, to finalize discussions and amend the bill.
DeFi's BRCA Section
One insider from the crypto space suggested that Democrats on the Agriculture committee might be satisfied if the bill guarantees that all five members of the Commodity Futures Trading Commission are appointed, filling the two vacant Democratic roles. However, the law enforcement dialogue surrounding DeFi could prove more complex, as Senator Catherine Cortez Masto, a Nevada Democrat, is reportedly insisting on more stringent changes to developer liability protections as part of the Blockchain Regulatory Certainty Act (BRCA).
Meanwhile, Senator Cynthia Lummis, a leading Republican negotiator, has been actively promoting the Clarity Act on social media, urging her colleagues to expedite the process. "Software developers should not require an army of lawyers to determine if their code complies with the law," she stated in a recent post. "The Clarity Act resolves that issue."
A recent meeting at the White House, prompted by law enforcement concerns over DeFi, yielded mixed outcomes as Republicans argued that the latest draft of the Clarity Act includes enhanced tools for government investigators.
"We are still deeply engaged in negotiations," Carbone noted. "There are multiple issues that must be resolved before this bill can be presented to the Senate. The ethics and law enforcement concerns regarding the BRCA are the top priorities."
Stablecoin Yield
Although the banking sector did not succeed in halting the proposal for stablecoin rewards during earlier lobbying efforts, it continues to seek greater protections than what was offered in the latest compromise. Bankers argue that the Clarity Act does not sufficiently safeguard their core deposit-taking operations from competition posed by stablecoin reward programs, which they claim could resemble deposit interest and attract customers.
"The banks will not accept it as it stands," declared JPMorgan Chase & Co. CEO Jamie Dimon, vowing to fight until the end.
This leaves a considerable amount of work to be done for a Senate that is racing against time to complete its agenda before the summer recess.
With about five weeks remaining before Congress breaks, the Senate's calendar is becoming increasingly tight, as many legislators prepare for the upcoming midterm elections. Although they will return for a few weeks in September, political analysts express skepticism about the likelihood of achieving a bipartisan consensus in the weeks leading up to the November elections.
While the calendar poses challenges, the industry's need for sufficient floor time remains critical. The Senate has already addressed one major competing bill: a bipartisan housing proposal aimed at increasing housing availability in the U.S. This leaves another significant bill concerning national security, which has been contentious due to disagreements over appointments within the Trump administration.
The National Defense Authorization Act may also be discussed soon, and the Senate Agriculture Committee, which plays a crucial role in advancing the Clarity Act, is currently focused on its primary concern: the farm bill.
Additionally, there are suggestions from the gaming sector to include prediction-market language in the crypto bill, potentially complicating matters at this late stage.
"There are numerous competing priorities in the Senate, but everyone is still prioritizing this issue, which is evident from the daily meetings among various Senate groups, with Republicans and Democrats collaborating over lunch to discuss passing the Clarity Act," Carbone stated.
Lame Duck Session?
Some lawmakers and crypto advocates are considering the post-election period, known as the lame-duck session, as a fallback option for passing the Clarity Act this year. However, this period is often unpredictable and crowded with legislative action, depending on what remains on the agenda.
Despite the challenges ahead, there are still strong reassurances that 2026 will be the year for the crypto market structure law's passage.
"The passage of the Clarity Act is no longer a question of if, but rather when Congress will finalize it," asserted Summer Mersinger, CEO of the Blockchain Association, in a statement to CoinDesk. "Lawmakers are addressing the outstanding issues with genuine bipartisan commitment, ready to transform years of discussion into lasting legislation that protects consumers, provides certainty for builders, and maintains American leadership in the sector."
Nevertheless, analysts maintain a cautious outlook. "We believe that the Senate must pass the bill before its August recess for it to have any chance of becoming law this year," stated a note from Beacon Policy Advisors. "While negotiations could theoretically extend into the fall, the dynamics change with the midterms approaching, making it less likely that the bill will succeed if the Senate misses its August deadline."
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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