CoinDesk
A new draft of the Digital Asset Market Clarity Act could land as soon as next week, merging work from the Senate Banking and Agriculture Committees into a unified text aimed at late-July floor action, according to people briefed on the negotiations. The merged version adds more than 70 pages over prior drafts and tilts harder on consumer protections, though it still leaves a Democrat-demanded ethics rule unresolved and has yet to secure the 60 votes needed to advance in the Senate.
Why it matters
The Clarity Act is the closest the US has come to a comprehensive crypto market-structure law, and a 2026 window is closing fast. Senate Banking passed its version with two Democratic votes, while Agriculture moved strictly along party lines, so the merger is the only viable path to the 60-vote threshold. A Wednesday letter from Senator Ron Wyden backing the Blockchain Regulatory Certainty Act (BRCA) section, which shields non-custodial developers from money-transmitter treatment, was a separate signal that at least one key Democratic concern can be resolved without redrafting the whole text.
Market impact
The remaining obstacles are political, not technical: ethics language on senior officials, federal preemption, and the unfilled SEC and CFTC seats the White House flagged in a Thursday letter to Thune and Schumer. House passage and Trump's signature remain later hurdles, and the president is currently withholding support from a bipartisan housing bill over unrelated demands. Even so, a credible floor path is the first genuine institutional clarifier US crypto has had on the table in this cycle, and markets historically price the run-up to a structural bill harder than the final text.
Frequently asked questions
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What is the Digital Asset Market Clarity Act?
It is the Senate bill that sets US crypto market structure by defining SEC versus CFTC jurisdiction over digital assets, with the BRCA section shielding non-custodial developers from money-transmitter treatment.
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Why does the merged draft need 60 Senate votes?
The Senate filibuster rule requires 60 votes to invoke cloture and cut off debate, so any bill short of a budget reconciliation needs bipartisan support to reach a final-passage vote.
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What is the Blockchain Regulatory Certainty Act (BRCA)?
BRCA is the Clarity Act section that prevents non-custodial crypto developers from being treated as money transmitters under federal regulations, and Senator Ron Wyden wrote Senate leadership Wednesday backing its current language.
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What are the main outstanding issues blocking a floor vote?
A Democrat-demanded ethics rule barring senior officials from crypto business ties, federal preemption of state rules, and the unfilled SEC and CFTC commissioner seats the White House flagged in a Thursday letter.
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Why is the 2026 window closing for the Clarity Act?
The Senate has three weeks in July plus the first week of August before the summer break and the fall midterm shift, leaving little runway for a bill that must also clear the House and gain the president's signature.
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