Congress Nears Vote on Crypto Clarity Act, First Major Financial Overhaul in Nearly 30 Years
Updated
Updated · Fortune · Jul 16
Congress Nears Vote on Crypto Clarity Act, First Major Financial Overhaul in Nearly 30 Years
3 articles · Updated · Fortune · Jul 16
Summary
The Clarity Act is moving through Congress as a sweeping crypto market-structure bill that would set rules for digital assets, add consumer and investor safeguards, and give law enforcement clearer tools against illicit actors.
Supporters argue the push reflects a rare forward-looking financial rewrite—rather than a post-crisis response—because existing securities laws are ill-suited to blockchain businesses seeking clear operating boundaries.
Patrick McHenry compared the effort to the Telecommunications Act of 1996 and said it could become the first comprehensive financial policy update since Gramm-Leach-Bliley nearly 30 years ago.
Bipartisan momentum has strengthened after the GENIUS Act on stablecoins passed both chambers, reinforcing the view in Washington that digital assets are not disappearing and need a defined regulatory framework.
The broader stakes are competitive: advocates say countries with clearer rules will attract capital and innovation, while U.S. delay could weaken its role in global finance and technology.
With Europe's crypto rules already in place, is America's Clarity Act too late to secure its leadership in digital finance?
Will the high-stakes battle over stablecoin profits derail the landmark crypto bill, forcing a choice between banks and innovators?
Could ethics rules for officials unexpectedly kill the bill meant to bring clarity to the entire crypto industry?
CLARITY Act Stalled: 43% Odds of Passage Before August Recess as Senate Faces Ethics Standoff and Crypto Market Awaits Regulatory Breakthrough
Overview
The CLARITY Act, a major digital asset bill, is stalled in the Senate as the August recess nears, with no vote scheduled and only a narrow window left for action. The main obstacle is a sharp conflict over ethics provisions, especially rules about government officials’ crypto holdings, which has led to a political standoff and complicated negotiations. President Trump’s large crypto-related income adds to the scrutiny and difficulty in resolving these issues. If the Act does not pass before the recess, Congress will have little time in September before midterm campaigns begin, leaving the crypto market in uncertainty and delaying the establishment of clear federal rules.