Tillis Pushes Clarity Act Ethics Package to White House by Friday

Jack Dorsey’s Block sent a letter to Senate leaders urging them to bring the Clarity Act to a floor vote. The letter called for regulatory clarity and legal protections for developers and self-custody. “I’m writing to express our strong support for the Digital Asset Market (Clarity) Act, and to respectfully urge Senate floor consideration of this bill,” the letter stated.

Separately, the SEC and CFTC are building a backup plan for U.S. crypto rules, aware that the Clarity Act may not pass before the August recess. The agencies are advancing Project Crypto to define digital assets and create clearer rules for staking, stablecoins, custody, fundraising, and onchain trading.

Patrick Witt also criticized U.S. banks after 134 banking executives urged the Senate to revise the Clarity Act’s stablecoin provisions. The criticism adds another layer of opposition to the bill.

Senate Republicans are targeting a cloture vote on the Clarity Act next week, but the chamber is also prioritizing a Russia sanctions bill and Trump nominations. The competing priorities could delay the crypto vote. The Senate is expected to take up the sanctions bill this week, with the Clarity Act procedural vote possibly slipping to the following week.

The ethics package is the next hurdle. If Tillis and Gallego finalize the language by Friday, the bill could move to the floor. If not, the August recess deadline will tighten further.