The US Senate is expected to resume the review process for the Digital Asset Clarity (CLARITY) Act as members return to work following Memorial Day. Many lawmakers and crypto industry leaders are calling for the swift approval of this document, which was passed by the House of Representatives in July 2025. The bill proposes transferring oversight of digital assets to a federal commodities regulator. This is reported by news source.
The document is sparking intense debate in Congress, with representatives from the banking sector expressing particular objections regarding stablecoins and tokenized stocks. In an interview with Fox Business, Coinbase Policy Director Faryar Shirzad called the bill the most significant financial reform since the 2010 Dodd-Frank Act. However, JPMorgan CEO Jamie Dimon emphasized that the banking industry will not accept the bill in its current form, as it would allow crypto companies to pay interest on user deposits.
Senate members are working to merge versions submitted by the agriculture and banking committees to hold a final vote by August. Although White House crypto advisor Patrick Witt aims to reach a result by July, issues related to ethics and conflicts of interest may slow the process. Senator Kirsten Gillibrand stated that no one would vote for the bill unless ethics rules are included.
The bill requires at least 60 votes in the Senate to pass, necessitating cooperation between Republicans and Democrats. Meanwhile, senators like Elizabeth Warren have criticized conflicts of interest related to Donald Trump and his family's World Liberty Financial business, as well as memecoins. On the Polymarket prediction market, the probability of the bill being passed this year is estimated at 55%.
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