Loomis is confident in a full Senate vote.
Senator Loomis said he believes the Senate will hold a full vote on the Digital Asset Markets Clarity Act before its August recess, which is expected to bring an end to 11-month-long high-level bipartisan negotiations on a comprehensive regulatory framework for digital assets.
Negotiations on the Digital Asset Markets Clarity Act (CLARITY Act) are coming to an end as the Senate strives to hold a full vote before its August 2026 recess. If the bill fails to make progress before lawmakers leave Washington, it will be difficult to find another opportunity for advancement in the agenda ahead of midterm elections, which could change control of Congress and put the legislation back to square one.
The bill was passed in the House of Representatives with a bipartisan vote of 294 to 134 in July 2025, and was approved by the Senate Banking Committee with a vote of 15 to 9 on May 14, 2026. The CLARITY bill requires 60 votes in the Senate to pass, which means the support of at least seven Democratic lawmakers is needed to meet that threshold.
300-page revised version and its coverage
The current revised version of the bill is approximately 300 pages long and incorporates a large number of Democratic amendments aimed at strengthening consumer protection and strengthening federal anti-money laundering standards that apply to the entire digital asset market, including the stablecoin sector that exceeds $300 billion.
A 309-page bill text released in May contained a compromise: banning the payment of interest or gain on idle stablecoin balances, but allowing activity-based incentives; and adding a number of new provisions, including a decentralized finance (DeFi) transaction protocol framework, bankruptcy safe havens for digital commodity transactions, and strengthened measures to crack down on illegal finance.
Bipartisan negotiations have entered the final stage, with Republicans and pro-cryptocurrency Democrats yet to reach a final agreement on key sticking points such as ethics for government officials and provisions to combat illegal finance.
Unlike the GENIUS bill, which focuses only on stablecoins, the CLARITY bill will cover a wider range of industry areas, including Bitcoin and Ethereum. Ensuring clear jurisdiction over these assets is widely seen as a prerequisite for deeper integration of digital assets into mainstream financial markets.

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