Senate CLARITY Act Ready for Prime Time, Bill Text Coming in Days: Senator Lummis
U.S. Senator Cynthia Lummis (R-WY) said on July 14 that the Senate’s CLARITY Act is ready after months of negotiations, with bill text expected to be introduced in the next few days. Speaking to Fox Business, Lummis explained that the legislation, formally the Digital Asset Market Clarity Act of 2025, has been in development for nearly 10 months.
“It’s taken us virtually every day for the last 10 months to get this bill in the condition it’s in today, and we’re ready. So, we will be introducing it in the next few days,” she said.
Lummis emphasized the urgency of passing the bill before the Senate’s August recess, noting that lawmakers will be in session for four consecutive weeks. “It’s very important that we get this bill across the finish line before the August recess begins, so we can make the markets aware of the stability that will be provided to them if they remain onshore in the United States to do business,” she stated.
The CLARITY Act aims to establish a federal regulatory framework for digital asset markets while strengthening consumer protections and anti-money laundering requirements. It seeks to clarify the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The bill includes anti-fraud standards, oversight of centralized intermediaries, Bank Secrecy Act compliance, and sanctions compliance.
The Senate Banking Committee approved its market structure proposal in May after bipartisan negotiations involving lawmakers, regulators, financial institutions, consumer advocates, and digital asset companies.
Senate Majority Leader John Thune (R-SD) will determine the floor schedule. Lummis expects consideration during the week of July 20 but acknowledged that Thune will make the final decision. She expressed confidence that the bill will receive floor time before the recess despite competing priorities such as the National Defense Authorization Act.
President Donald Trump also urged the Senate on July 13 to pass the CLARITY Act, warning that China and other countries could threaten the U.S. lead in crypto.