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FollowingSenate advancement of the Clarification Act faces a test of ethical provisions
Ethics provisions remain the main obstacle. Senators are negotiating the final wording of the Clarification Act, which may be put to a vote in July. Law enforcement agencies \'support for the Blockchain Regulatory Definiteness Act (BRCA) remains mixed, and many organizations have not yet formally expressed their support.
Senator Ron Wyden urged Senate leadership to retain BRCA protections for unmanaged blockchain software developers. The Senate may consider the Clarification Act later this month, but negotiations are still not complete as lawmakers prepare to return from their July 4 recess. Discussions around ethics provisions and the Blockchain Regulation Definiteness Act (BRCA) are reported to continue, and Senator Cynthia Loomis had hoped to release an updated compromise text during the recess before a possible full vote.
Ethical negotiations remain the biggest obstacle
However, although Cynthia Loomis had previously stated that stakeholders would receive updated wording during the recess, the revised legislative text was not released as scheduled. As a result, attention has turned to unresolved negotiations before the senators return next week. Many industry participants believe that ethical wording remains a core issue hindering the advancement of legislation. They believe that addressing ethical concerns could ease the deadlock in negotiations on other controversial provisions.
Earlier negotiations broke down after Senate Republicans and White House officials withdrew support for a proposal involving state attorneys general. The proposal had allowed states to sue the Justice Department for its poor enforcement in conflict-of-interest cases. Loomis later proposed allowing the state attorney general to sue trading platforms where government officials issue tokens. However, Democrats have not publicly stated whether they will support this alternative.
Law enforcement attitudes affect Senate negotiations
Meanwhile, discussions between Trump administration officials and law enforcement agencies on the BRCA clause continue. This provision remains one of the most watched chapters in the bill. The National Organization of Black Law Enforcement Executives has expressed support for the legislation. At the same time, the National Association of Major County Sheriffs changed its stance from opposing the bill to neutral. However, the National Association of Sheriffs, the National Association of Police Organizations and the Brotherhood of Police have not yet announced their support. As the negotiations continue, their positions remain of great concern. Senators Kathryn Cortez Mastow and Mark Warner said law enforcement agencies \'concerns must be given full attention before they will support the legislation.
Wyden supports BRCA waiting for a full vote
At the same time, Senator Ron Wyden urged Senate leadership to retain the BRCA language that the Senate Banking Committee had approved. Wyden and Loomis jointly introduced the independent bill in January. Wyden said the provision would confirm that unmanaged software developers should not be considered money transfers simply because they publish software. He also noted that the Justice Department and the Financial Crimes Enforcement Network (FinCEN) still retain the power to pursue illegal activity.
However, Wyden\'s position on the broader Clarification Act remains unclear, having previously opposed both the GENIUS Act and the resolution to overturn the IRS DeFi broker rule. At the same time, Senator Tom Tillis also said that ethical language must be retained in the legislation before he supports it.
