U.S. Senate panel targets pre-recess vote on CLARITY Act

Odaily Planet Daily reports that Sen. Cynthia Lummis, who chairs the U.S. Senate's Digital Assets Subcommittee, said the Senate aims to vote on the CLARITY Act before lawmakers leave for the August recess. The proposal is designed to clarify which federal agencies oversee cryptocurrencies, and it includes provisions touching on ethics, law enforcement, consumer protection, and broader market clarity. Lummis said negotiations have stretched for 11 months, during which Democrats submitted more than 300 pages of proposed amendments. Talks are still centering on the Commodity Futures Trading Commission (CFTC) framework, enforcement language, and ethics requirements for senior federal officials. On Aug. 5, Democratic staff for the Senate Banking Committee flagged five areas that remain unresolved, including securities protections, illicit financing, national security, and potential presidential conflicts of interest. Donald Trump has received a bipartisan counterproposal that would allow state attorneys general to enforce federal cryptocurrency ethics rules. If enacted, the CLARITY Act would split regulatory authority between the CFTC and the U.S. Securities and Exchange Commission (SEC), creating separate compliance tracks for qualifying digital commodities and digital securities. CFTC Chair Michael S. Selig and SEC Chair Paul Atkins have both backed moving toward a clearer legislative framework for digital-asset regulation.