Sources indicate that a revised version of the Clarity Act may be released soon, but obstacles persist.
By Nikhilesh De|Edited by Aoyon Ashraf Jul 12, 2026, 6:30 p.m. 4 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on U.S. Capitol Building (Jesse Hamilton/CoinDesk)Contrary to previous speculation, the Digital Asset Market Clarity Act may not be facing an imminent end. However, the crypto sector still faces significant hurdles.
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Upcoming DraftThe Context
According to several insiders familiar with the ongoing discussions surrounding the Clarity Act, CoinDesk was informed last Thursday that lawmakers are preparing to present a new version of the crypto market structure bill this week. This upcoming draft integrates proposals that have previously emerged from the Senate Banking and Agriculture Committees, reflecting negotiations over various provisions between these groups.
Importance of the Update
As highlighted in this newsletter and by CoinDesk's Jesse Hamilton, time is of the essence for the Clarity Act to progress through Congress and reach the president's desk for approval in 2026. While a new draft could signify advancement, unresolved key disagreements may hinder the expected progress for the crypto industry.
Detailed Breakdown
Last week, CoinDesk reported that sources close to the Clarity Act negotiations anticipate a new draft to be shared this week. This updated version will merge the distinct proposals from the Banking and Agriculture Committees and add approximately 70 additional pages, as per sources' insights. However, as of this writing, the draft lacks an ethics provision and has not resolved several contentious topics within the Clarity Act, indicating it is not yet ready for voting.
The remainder of this newsletter will be speculative in nature. Senate Majority Leader John Thune mentioned to Punchbowl News last month that he was open to scheduling a vote for the bill in July. Speculations suggest the bill might be brought to the Senate floor during the weeks of July 20 or July 27.
Should a vote be announced, there will likely be a concentrated effort to secure at least 60 votes in the Senate, which means a minimum of seven Democrats would need to support the bill—more would be needed if any Republicans oppose or are unavailable for the vote.
Organizations such as Stand With Crypto are expected to track the vote closely, and the industry will be aware of the substantial financial resources available to crypto political action committees.
However, the midterm elections on November 3 are approaching rapidly—less than four months away—and lawmakers will need to consider their party's base and constituents after returning from the summer break as they enter the final campaign phase.
This brings into play U.S. President Donald Trump and the $1.4 billion he has earned from crypto, which will significantly influence the floor vote. Specifically, without an ethics provision, it is improbable that enough Democrats will back the bill in the Senate. If the upcoming text does not even feature a placeholder for the ethics aspect, it may hinder bipartisan support for the bill, according to one source.
Consequently, Trump’s approval of an ethics agreement will be vital. Several insiders indicated to CoinDesk last week that the White House has been less involved recently compared to earlier in the summer, but another source suggested it may be a matter of waiting for the resolution of other outstanding issues first.
On a positive note for supporters of the bill: Provided that the President does not veto the housing bill currently on his desk before midnight Saturday, a provision restricting the Federal Reserve from issuing a central bank digital currency for at least four years will become effective. There were concerns that House lawmakers could attempt to add a CBDC ban to the Clarity Act if the Senate advanced the bill, which could complicate negotiations and timelines further. However, that issue appears to be settled for the time being, lasting at least until 2030, via the housing bill's inclusion.
Upcoming Events This WeekTuesday
- 14:00 UTC (10:00 a.m. ET) Fed Chair Kevin Warsh will testify before the House Financial Services Committee.
Wednesday
- 13:30 UTC (9:30 a.m. ET) The Senate Select Committee on Intelligence will conduct Jay Clayton's nomination hearing for Director of National Intelligence.
- 14:00 UTC (10:00 a.m. ET) Fed Chair Kevin Warsh will testify before the Senate Banking Committee.
- 14:00 UTC (10:00 a.m. ET) The House Financial Services Committee will hold a hearing on the Consumer Financial Protection Bureau.
Thursday
- 14:00 UTC (10:00 a.m. ET) The Senate Banking Committee will hold a hearing on the Consumer Financial Protection Bureau.
Friday
- The House Financial Services Committee's digital assets subcommittee will conduct a hearing in New York focused on the Clarity Act.
If you have any insights or questions regarding what should be addressed next week, or any other feedback, please feel free to reach out to me at nik@coindesk.com or connect with me on Bluesky @nikhileshde.bsky.social.
You can also join the group discussion on Telegram.
See you next week!
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Digital Assets: Quarterly Review and Outlook Q2
Digital Assets: Quarterly Review and Outlook Q2
Digital assets have experienced a third consecutive quarter of declines in Q2 2026, marking the longest losing streak since the bear market of 2022. This trend coincides with institutional funds shifting towards AI stocks and Bitcoin ETFs seeing their largest quarterly outflows since inception. Our report delves into the causes of this divergence and identifies signals to monitor for Q3.
By CoinDesk ResearchJul 10, 2026Digital assets have experienced a third consecutive quarter of declines in Q2 2026, marking the longest losing streak since the bear market of 2022. This trend coincides with institutional funds shifting towards AI stocks and Bitcoin ETFs seeing their largest quarterly outflows since inception. Our report delves into the causes of this divergence and identifies signals to monitor for Q3.
Significance:
Digital assets have experienced a third consecutive quarter of declines in Q2 2026, marking the longest losing streak since the bear market of 2022. This trend coincides with institutional funds shifting towards AI stocks and Bitcoin ETFs seeing their largest quarterly outflows since inception. Our report delves into the causes of this divergence and identifies signals to monitor for Q3.
View Full ReportMore From Policy