The week was eventful for the Clarity Act, the project that defines the regulatory framework for the cryptocurrency market in the United States. After the proposal appeared stalled on Monday, the White House reached an agreement around a package of ethics measures and Republican senators released the updated version of the text, with 616 pages. The reception divided Washington: the main entities in the crypto sector approved the document; the Democrats did not.
Seven Democratic senators whose votes could decide whether the bill clears the 60-vote procedural threshold — among them Angela Alsobrooks (Maryland), Mark Warner (Virginia), Catherine Cortez Masto (Nevada) and Ruben Gallego (Arizona) — say the proposal still falls short on points such as ethics and combating illicit financing. Bipartisan negotiations are expected to continue through the weekend, under intense calendar pressure: only nine legislative days remain until the August recess.
Industry wants a vote now
Chamber of Digital Commerce, Crypto Council for Innovation and Blockchain Association sent a joint letter to Majority Leader John Thune and Minority Leader Chuck Schumer. The CEOs praised the new text for strengthening authorities' tools against illicit financing and for creating the first federal consumer protection framework for crypto-asset markets. Even without enough votes, they argue that leadership should begin the floor process immediately, arguing that there is no substitute for long-term legal certainty if the U.S. wants to maintain global leadership in financial innovation.
Banks push back
The banking sector remains the harshest critic. American Bankers Association, Bank Policy Institute and Independent Community Bankers of America claim that the text does not prevent stablecoin rewards from draining deposits and reducing local credit. They also point to loopholes that would weaken anti-money laundering requirements for DeFi platforms. Going against other executives in the sector, Goldman Sachs CEO David Solomon declared support for the bill.
The DeFi Education Fund welcomed the retention of the Blockchain Regulatory Certainty Act and the new investigative tools. Detective Matthew Hogan of the Connecticut State Police, meanwhile, considered the text an advance, but criticized gaps in the return of assets to victims.
What comes next
Senator Thom Tillis (North Carolina) is leading the talks on ethics, after Democrats rejected the White House-backed proposal that would give oversight power to the Department of Justice, rather than to state attorneys general. Tillis called the package "a step in the right direction," but conditioned his vote on stricter safeguards against officials enriching themselves with cryptocurrencies.
The timetable could also be affected by Senator Lindsey Graham's funeral, scheduled for 28 de julho in Washington, with much of the Republican caucus expected to attend.