Reports that the United States’ largest crypto bill is dead have proven premature. According to sources familiar with the discussions, lawmakers plan to release an updated version of the Digital Asset Market Clarity Act this week - a merged draft long awaited by the industry.
The new draft consolidates two separate versions previously passed by the Senate Banking and Agriculture Committees, following a lengthy tug-of-war between the two sides. It has also expanded significantly, with roughly 70 new pages added to the text. At first glance, this sounds like major progress. But one roadblock is keeping euphoria in check.
A Missing Provision Leaves Everything in Limbo
According to CoinDesk sources, the latest version still lacks an ethics section as well as agreements on several of the most sensitive sticking points. In other words, the draft that expanded by 70 pages remains unready for a floor vote. The very chapter that determines the bill’s fate has been intentionally - or out of necessity - left blank.
Why is the ethics provision so crucial? To pass the Senate, the bill requires at least 60 votes, meaning at least seven Democratic senators must get on board. Without clear ethics guardrails, securing that level of bipartisan support is nearly impossible. In fact, one source noted that if the circulating draft fails to include even a preliminary ethics framework, it could prove counterproductive - alienating rather than securing the needed votes.
The Shadow of Trump’s Crypto Gains
This is where Donald Trump’s name enters the picture. The president’s estimated $1.4 billion in crypto gains has made ethics a politically sensitive issue - many Democrats are reluctant to endorse legislation seen as rolling out the red carpet without guardrails against conflicts of interest. The Senate Majority Leader previously indicated a willingness to hold a vote in July, with rumored dates in the weeks of July 20 or July 27, but everything hinges on whether these deadlocks can be resolved first.
There is one small piece of good news for the bill’s supporters: concerns over a central bank digital currency (CBDC) ban complicating negotiations have eased, as the ban has already been secured through other legislation and remains in effect until at least around 2030. As for the Clarity Act itself, however, the road remains steep. While the release of a new draft this week signals that the bill still has a pulse - as long as its most decisive chapter remains blank, the American crypto industry will have to hold its breath a little longer.
Reported by CoinDesk.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
