U.S. Senate panel aims to vote on the CLARITY Act before the August recess.

Odaily Planet Daily reports: Cynthia Lummis, Chair of the U.S. Senate’s Digital Assets Subcommittee, stated that the Senate will vote on the CLARITY Act before lawmakers begin their August recess. The bill aims to delineate federal regulatory responsibilities for cryptocurrencies and addresses issues including ethics, law enforcement, consumer protection, and market clarity. Lummis noted that negotiations on the bill have lasted 11 months, with Democrats proposing over 300 pages of amendments. Current discussions still focus on provisions related to the Commodity Futures Trading Commission (CFTC), enforcement clauses, and ethical rules for senior federal officials. On August 5, Democratic staff of the Senate Banking Committee identified five unresolved areas, including securities protection, illicit financing, national security, and presidential conflicts of interest. Donald Trump has received a bipartisan counterproposal allowing state attorneys general to enforce federal cryptocurrency ethics rules. The CLARITY Act will assign regulatory responsibilities between the CFTC and the U.S. Securities and Exchange Commission (SEC), establishing separate pathways for qualifying digital commodities and securities. Both CFTC Chair Michael S. Selig and SEC Chair Paul Atkins support advancing clearer legislative frameworks for digital asset regulation.