Sen. Cynthia Lummis said the Senate’s updated Digital Asset Market Clarity Act text will be introduced within days after nearly 10 months of negotiations, opening a narrow window for floor action before lawmakers leave Washington in August.
“We’ve been working on the Clarity Act every day for 10 months,” Lummis wrote in a July 14 post, adding that lawmakers were ready to “land this plane.” She placed the likely floor window during the week of July 20 in a Fox Business interview, while acknowledging that Senate Majority Leader John Thune controls the chamber’s schedule. No formal vote date or cloture motion has been announced.
The House passed H.R. 3633 by a 294-134 vote in July 2025. Senate Banking advanced its version 15-9 on May 14, with Democratic Sens. Ruben Gallego and Angela Alsobrooks joining the committee’s Republicans. The measure still faces a 60-vote Senate test if opponents force a filibuster, leaving Republicans dependent on additional Democratic support.
Bill Divides SEC And CFTC Authority
The existing 309-page Senate Banking text would place digital commodity exchanges, brokers and dealers within a Commodity Futures Trading Commission registration framework while preserving Securities and Exchange Commission authority over securities offerings, investment contracts and issuer disclosures.
Digital commodity platforms would fall under the Bank Secrecy Act and be required to maintain anti-money laundering and counter-terrorist financing programs. Those controls include risk assessments, internal policies, a designated compliance officer, employee training and independent audits. The draft also contains sanctions tools, temporary transaction holds and coordination provisions covering fraud, manipulation and market integrity.
Lummis has defended the package’s illicit-finance safeguards, citing more than 16 provisions covering AML obligations, sanctions enforcement, suspicious transactions, kiosks and information sharing. Negotiators have also used White House talks with law-enforcement groups to work through DeFi treatment, developer protections and investigative powers.
Ethics And Stablecoin Rules Remain Unsettled
Sen. Elizabeth Warren urged Senate leaders on July 13 to add restrictions preventing the president, vice president, senior administration officials, members of Congress and their families from profiting through crypto businesses while in office. Her letter cited President Donald Trump’s 2025 financial disclosure, which placed his crypto-related income at roughly $1.4 billion.
Banking groups are separately seeking tighter language around stablecoin rewards. The American Bankers Association, Independent Community Bankers of America and state banking associations want Section 404 expanded beyond issuer-paid interest to cover exchanges, affiliates and other third parties offering yield-like rewards. Their July 13 intervention argued that deposit migration into stablecoins could reduce funding available for mortgages, small-business loans and agricultural credit.
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