Crypto Bill Slips Past August as Senate Fills Floor with Russia, Nominations

A Clarity vote before the Aug. 8 recess looks increasingly unlikely. The next realistic window opens in September. Each month of delay raises the odds the bill does not become law this year, leaving the crypto sector to rely on the GENIUS Act's stablecoin framework and the rulemaking pens at the SEC and CFTC.

One unresolved sticking point is an ethics provision that would bar senior government officials, including President Donald Trump, from backing crypto projects. Trump agreed last week to accept a version of the ban through Jan. 20, 2029, with enforcement handed to the Department of Justice. Democrats said the language is not sufficient. Both sides agreed to keep negotiating.

The House passed its own version of the bill last year. The measure cleared the Senate Banking Committee in a 15-9 vote in May after lawmakers resolved a fight over stablecoin yield, settling on a compromise that limits stablecoin rewards to activity-based programs. Even if the Senate passes Clarity, the bill must return to the House before it reaches Trump's desk.

The calendar is the immediate obstacle. The Senate has roughly nine working days before recess. Thune's office has not indicated when Clarity might get floor time. The Russia bill and nominations will eat the rest of the week.