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U.S. Senate delays Clarity Act as Russia sanctions and nominations take priority
The U.S. Senate has temporarily postponed further action on the Digital Asset Market Clarity Act to give precedence to a Russia‑sanctions bill and a package of 74 Trump‑administration nominations ahead of the August 8 recess. The delay narrows the already tight window for any cloture motion, which requires 60 senators to advance the bill. The Clarity Act, which cleared the House with a 294‑134 vote, would split regulatory authority between the SEC and the CFTC and includes an ethics provision that bars federal officials and their spouses from issuing or sponsoring digital assets until 2029, targeting the Trump family. Industry backing remains strong, with major firms such as BlackRock, Fidelity, Goldman Sachs, Charles Schwab and Coinbase publicly supporting the legislation. Additionally, 134 senior bank executives have sent a letter urging tighter language on stablecoin reward‑like payments. Market reaction to the Senate’s move has been negative: Bitcoin slipped about 1.9% to roughly $631,000, while XRP fell about 3.9% to $1.06. Betting markets have lowered the odds of passage to around 35 %–38 %, the lowest level recorded for the bill. Senate Majority Leader John Thune has indicated a possible cloture filing, but the procedural pause remains in effect.
Entities
American Bankers Association · CLARITY Act · Chuck Schumer · Clarity Act · Commodity Futures Trading Commission · Crypto Council for Innovation · Cynthia Lummis · Digital Asset Market CLARITY Act · Donald Trump · Ethereum · John Thune · Mike Haridopolos
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The Crypto Council for Innovation says the Clarity Act expands anti‑money‑laundering and counter‑terror‑funding requirements and provides $150 million to FinCEN.
- [● 4 SOURCES] The revised draft of the Clarity Act prohibits federal officials, including the president, from issuing or sponsoring digital assets. www.techcentral.ie · www.pymnts.com · crypto.news
- [○ 1 SOURCE] Stand With Crypto will score senators’ votes on the Clarity Act for three million U.S. crypto advocates.
- [DISPUTED] The Clarity Act requires 60 Senate votes to invoke cloture. crypto.news · www.pymnts.com · www.techcentral.ie
- [○ 1 SOURCE] The Clarity Act cleared the Senate Banking Committee in May 2026 with a 15‑9 vote.
- [● 2 SOURCES] Democrats argue the Clarity Act does not go far enough to prevent President Donald Trump from profiting from cryptocurrency. www.techcentral.ie · www.pymnts.com
- [● 2 SOURCES] Pro‑crypto political action committees spent more than $130 million in the 2024 elections supporting candidates favorable to crypto. www.techcentral.ie · www.pymnts.com
- [● 2 SOURCES] Senate Majority Leader John Thune does not expect the Clarity Act to be voted on before the August recess. www.pymnts.com · crypto.news
- [○ 1 SOURCE] Senate Majority Leader John Thune said the Clarity Act is unlikely to be voted on before the August recess. www.pymnts.com
- [○ 1 SOURCE] The revised Clarity Act cleared the Senate Banking Committee with a 15‑9 vote.
- [○ 1 SOURCE] The Republican‑drafted revised Clarity Act is 616 pages long. www.techcentral.ie
- [○ 1 SOURCE] The Crypto Council for Innovation says the bill expands AML and counter‑terror financing requirements and provides $150 million in additional funding for FinCEN.