Senate faces August deadline on US crypto market structure bill

US crypto policy could hinge on the next few weeks. The White House is pushing the Senate to finish the CLARITY Act before the chamber leaves for its August recess, arguing that more delay could stall the bill until after the midterm elections.

President Donald Trump called on Congress to pass the measure on July 13 and framed it as part of US competition with China in crypto and AI. The administration's digital-assets adviser, Patrick Witt, also pressed for action, while CFTC Chair Mike Selig said lawmakers need clear rules instead of relying on old laws and enforcement cases.

The bill would set a federal framework for crypto trading and issuance and split oversight between the SEC and CFTC. It would also extend the stablecoin regime created by the GENIUS Act. House lawmakers passed a version last year, and Senate committees have advanced separate pieces, but negotiators still have not produced one final Senate package or scheduled a floor vote.

The hardest issues remain ethics rules for public officials, limits around stablecoin rewards, and protections for software developers who do not control user funds. Supporters likely need 60 votes to move the bill forward, which means at least seven Democrats if all Republicans support it. So far, only two Democrats backed the bill in committee, and neither has promised a final yes.