The race to approve comprehensive legislation for the cryptocurrency market in the United States has entered a decisive phase. With the legislative calendar increasingly tight, senators are trying to make a vote possible as early as July for the so-called Clarity Act, considered one of the most important proposals for the regulation of digital assets in the country.
The challenge, however, goes beyond discussions about cryptocurrencies. The Senate also needs to deal with other priority agendas, including the renewal of the Farm Bill, projects related to national defense, and a broad housing package. The situation became even more complex after the current U.S. president, Donald Trump, signaled resistance to advancing the housing legislation without changes related to electoral rules.
Given this scenario, concern is growing that the time available before the August congressional recess will not be enough to conclude all the necessary negotiations.
Despite the obstacles, Senator Cynthia Lummis, one of the proposal's main architects, expressed confidence in the timeline. According to her, the final text should be released for public review before a possible vote.
"We have finally reached the point where we are going to release the text on July 4 and give people one last opportunity to review the bill in detail, and then we will move forward in July," Lummis said.
The bill seeks to create the first comprehensive federal regulatory framework for the cryptocurrency sector, defining responsibilities between the SEC and the CFTC. The proposal also aims to establish clearer rules for companies, investors, and developers operating in the segment.
However, some points continue to generate disagreements between Republicans and Democrats. One of the most debated topics involves the inclusion of ethical rules for federal authorities who have exposure to digital assets.
Senator Angela Alsobrooks reinforced this position by defending changes to the text.
"We need language on ethics," Alsobrooks said. "We need language on illicit finance, which, by the way, is good for everyone involved, good for banks, good for cryptocurrency companies, and good for the American people. I think we can do this."
Another focus of the negotiations involves legal protection for developers of non-custodial protocols. Industry representatives say the measure offers regulatory certainty and encourages innovation in the United States. Public safety authorities, meanwhile, warn of possible impacts on investigations related to financial crimes.
Even with the challenges, sector entities remain positive about a vote still taking place in July. The prevailing assessment is that approval of the legislation remains possible, but it will depend on the negotiators' ability to resolve the final deadlocks in the coming weeks.