Senate staff are merging two versions of the CLARITY Act after the July 4 target slipped. Trump's $1.4B crypto disclosure is pushing ethics debate. The August 7 Senate deadline is next.
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The CLARITY Act did not become law by July 4, the target White House adviser Patrick Witt set earlier this year. The bill is still alive. People following the negotiations say it could pass before Congress breaks for the summer.
The next hard deadline is August 7, the Senate's last working day before lawmakers leave Washington for the midterm campaign. Congress has little session time this summer. Negotiations continue.
Senate staff are working to merge the versions of the CLARITY Act passed by the Banking Committee and the Agriculture Committee, according to people familiar with the process. Once that work is complete, lawmakers would need only a few days for debate and a final vote, with cloture invoked in between. If the Senate clears it, the bill goes back to the House and then to President Trump's desk.
The negotiations gained political attention after Trump released his 2025 financial disclosure. The filing showed he earned roughly $2 billion last year, with nearly $1.4 billion coming from crypto-related businesses including the TRUMP memecoin and World Liberty Financial. He also disclosed holding more than $100 million in cryptocurrencies.
The disclosure reignited calls for stronger ethics rules. Senator Elizabeth Warren said the CLARITY Act should prevent senior officials and their families from profiting from the crypto industry while shaping its regulations. Senator Ruben Gallego repeated that he wants enforceable ethics provisions before supporting the bill on the Senate floor.
Recent reports suggest the House has struggled to move several important bills. Questions arise about whether it can quickly approve the CLARITY Act once it returns from the Senate. House Republicans are growing frustrated over other stalled legislation. Representative James Comer urged Senate Majority Leader John Thune to stop delaying the SAVE America Act. Comer warned that missing the deadline would leave election rules unchanged for this cycle.
"We've passed the SAVE America Act in the House, and it's collecting DUST in the Senate. The clock is ticking. It needs to pass in the next few weeks in order for that to take effect for this election this November," Comer said.
The CLARITY Act's fate now rests on the Senate's ability to merge the two versions and hold a vote before August 7.
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