U.S. Lawmakers Rush to Pass Crypto Clarity Act

U.S. Senator Kevin Cramer reports that the Senate is close to finalizing a deal on the Clarity Act, the major crypto market structure bill. Lawmakers are currently reviewing a fresh set of amendments focusing on ethics and enforcement. Cramer stated that the biggest remaining holdup is getting Democrats to read through the new additions, particularly regarding ethics rules tied to President Trump and his family.

The central debate involves who gets to enforce the law. While some lawmakers previously wanted state attorneys general to handle violations, current discussions point toward the Department of Justice acting as the primary enforcer. Other minor sticking points include the exact definition of securities intermediaries. Industry participants prefer a definition built around decentralization rather than traditional finance rules.

Treasury Secretary Scott Bessent also weighed in, telling reporters that lawmakers stand at the one yard line on the legislation. The Senate faces a tight timeline with only a couple of weeks left before the August recess, competing against other priorities like government funding bills. Traders should watch for floor votes in the coming days as lawmakers push to bring regulatory stability to the domestic market.