Overview
- Senate negotiators have not put the CLARITY Act to a floor vote because talks over ethics enforcement and developer protections remain unresolved and the legislative calendar before the August recess is tight.
- Senators Thom Tillis and Ruben Gallego circulated a revised ethics counterproposal that would let state authorities share enforcement power, a change meant to meet Democratic demands about independent remedies.
- An 11th‑hour proposal from prosecutors to narrow protections for noncustodial software developers was rejected by both the White House and crypto industry advocates, leaving the Blockchain Regulatory Certainty Act provision contested.
- Prediction and betting markets have cut passage odds into roughly the high‑20s to mid‑30s percent range, and Senate scheduling plus the 60‑vote cloture threshold mean Republican leaders still need Democratic crossovers to advance the bill.
- Industry and grassroots pressure remains intense—more than one million contacts to senators and major firms urging a vote—but banks and analysts warn delays could shift tokenization and institutional crypto work toward traditional finance or prompt agency rulemaking.