Gallego Warns Fast CLARITY Act Vote Could Backfire on Crypto Rules

The administration has not delivered a substantive response, he said. As of August 20, no comprehensive White House reply had been made public. Cointelegraph said it sought comment from the administration and received no reply.

Separate from the ethics question, traditional banks and crypto platforms remain divided over whether digital asset companies should offer rewards tied to stablecoin holdings. Banks argue those programs could drain deposits from regulated institutions. Crypto advocates say broad prohibitions would protect banks from competition and limit consumer choice.

Legislators also need to finalize the Agriculture Committee sections covering Commodity Futures Trading Commission oversight before merging them with the Banking Committee's approved text.

The Senate Banking Committee approved its portion 15-9 in May. Gallego and Senator Angela Alsobrooks crossed party lines to support it. Their backing came with the understanding that modifications would be necessary.

President Trump told Congress on August 19 during a White House meeting with crypto leaders to pass a "fair version" of the legislation.

The House passed an earlier version 294-134 in July 2025. Any Senate changes would require the House to accept the modified language, or both chambers would negotiate a compromise before Trump can sign it.

If the September 15 cloture vote fails to reach 60 votes, leadership could schedule another attempt. The November midterm elections would then compress the legislative calendar, making further floor proceedings harder to schedule.