U.S. Senate to Resume 'Clarity Act' Negotiations Next Week, Only Weeks Remain

CoinFeed July 11 news, according to The Block, the U.S. Congress returns from recess and the Senate will resume work next week, striving to pass the 'Clarity Act' before the August recess and midterm elections. The House passed its version last year, and the Senate Banking Committee and Agriculture Committee have each passed their respective versions; legislative aides are merging the texts, and sources say a new text could be released as early as next week. The time window is tight—the Senate only has the rest of July and the first week of August to advance the legislation. Key obstacles include: a safe harbor provision for non-custodial developers (supported by the crypto industry, opposed by law enforcement and Catholic leaders), and ethics provisions (Democrats want to restrict the President and lawmakers from profiting from digital assets). A 70-page new text has been added at the request of Democrats, focusing on consumer protection.