Key Takeaways
- Senator Lummis said lawmakers will release CLARITY Act bill text within days after nearly 10 months of negotiations.
- The legislation seeks to establish a federal regulatory framework while strengthening consumer protections and anti-money laundering requirements.
- Senate Majority Leader John Thune will determine the floor schedule as lawmakers work through competing legislative priorities.
Can the Senate Pass the CLARITY Act Before August?
U.S. Senator Cynthia Lummis (R-WY) said months of negotiations have produced CLARITY Act bill text that lawmakers expect to release within days.
“Its taken us virtually every day for the last 10 months to get this bill in the condition it’s in today, and we’re ready. So, we will be introducing it in the next few days,” she told Fox Business during an interview on July 14.
Lummis explained that the Senate’s upcoming work period creates an opportunity to advance the legislation before lawmakers leave Washington. “We’re going to be in session now for four straight weeks,” she stated, emphasizing:
“It’s very important that we get this bill across the finish line before the August recess begins, so we can make the markets aware of the stability that will be provided to them if they remain onshore in the United States to do business.”
The lawmaker noted that the legislation seeks to support the digital asset industry while addressing law enforcement priorities and strengthening consumer protections. “This is a pivotal time for the industry, and we want to meet their needs,” she shared.
Lummis also underscored that the proposal addresses law enforcement priorities involving illicit finance while strengthening consumer protections, concluding:
“It’s been arduous, but we’re ready for prime time.”
The legislation is the Digital Asset Market Clarity Act of 2025, known as the CLARITY Act. While the House passed its own version of the legislation in 2025, Senate lawmakers have spent months negotiating changes to produce their own version ahead of introduction.
The Senate Banking Committee approved its market structure proposal in May after bipartisan negotiations involving lawmakers, regulators, financial institutions, consumer advocates and digital asset companies, positioning the measure for consideration by the full Senate.
What Would the CLARITY Act Do?
The proposal would establish a federal framework for digital asset markets while defining regulatory responsibilities between financial agencies, including clarifying the roles of both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Among its provisions are consumer protection and financial crime measures. Those measures include anti-fraud standards, oversight of centralized intermediaries, Bank Secrecy Act compliance requirements, anti-money laundering programs, customer identification procedures and sanctions compliance intended to strengthen oversight of digital asset businesses.
Senator Thune Controls the Timeline
Senate Majority Leader John Thune (R-SD), who controls the chamber’s legislative agenda, will ultimately decide when the CLARITY Act reaches the Senate floor.
Lummis said she expects consideration during the week of July 20, while noting the final scheduling decision rests with Thune. She said: “I expect it’ll be that week, but considering the important things we have to deal with in these four weeks, Senator Thune will make the final decision about which week to bring Clarity to the floor.”
However, she remains confident the legislation will receive floor time before the August recess despite competing priorities, including the National Defense Authorization Act. While no official Senate floor schedule has been announced, the lawmaker from Wyoming concluded:
“Senator Thune is aware of the importance this bill provides for market stability for digital assets, so I think he’ll schedule this for the four-week period.”