Trump-Backed CLARITY Act Text Set to Drop With No Democrats on Board, and It Needs 7 of Them

Delay After Delay

Republican senators were expected to unveil the long-delayed Senate text following Thursday afternoon’s meeting with the president. The release would cap nearly a year of negotiations, after sources close to the matter said earlier this month that a new version could surface within days. Sen. Bernie Moreno (R-Ohio) confirmed the timing to reporters, adding:

“We’ll do that right after the meeting. You guys have a lot of reading to do.”

Democratic senators were not expected to attend the White House meeting, and several have already stated they will not back the current version of the bill. The central sticking point remains an ethics provision intended to address concerns about President Trump’s business interests in the crypto industry, with Democrats insisting on stronger language as a condition for their support.

Sen. Ruben Gallego (D-Ariz.), a lead Democratic negotiator, described the Republican language as “very weak,” arguing it provides excessive latitude and insufficient consumer protections. Gallego stated:

“They’re taking a version of the text to the president with their ethics provisions, not with anything that we agree to as Democrats.”

Sen. Cory Booker (D-N.J.) reinforced the point, noting: “The only way to get this done is a bipartisan pathway.”

The Math to 60 Votes

The legislation needs 60 votes to clear the Senate, and Republicans hold 53 seats, meaning at least seven Democrats must cross over for the bill to pass. Senate leaders have been racing to pass the measure this month, with floor action targeted for the week of July 20. The bill already missed the July 4 target the president had set, leaving the Aug. 8 start of the August recess as the deadline many lawmakers view as its last realistic window this year.

Bipartisan support has existed before, as the Senate Banking Committee advanced the bill in a 15-9 vote on May 14, with Democrats Ruben Gallego and Angela Alsobrooks joining Republicans. That support has since frayed over the ethics fight, even as industry voices press for passage. Coinbase’s policy chief has called the measure a dramatic advance in consumer protection.

Prediction markets mirror the uncertainty with Polymarket odds on the CLARITY Act becoming law in 2026 climbing to 45% on July 17, rebounding from a record low of 24% set just four days earlier.

The text release now becomes the trigger for everything else. Republicans want a floor vote before the recess, and the House Financial Services Committee’s Digital Assets Subcommittee held a field hearing on July 17, marking one year since the House first passed the measure. If the Senate amends and passes the bill, the House must still align on the final version before it can reach the president’s desk.