Senator Bernie Moreno and key supporters like Senator Cynthia Lummis are set to brief the president on the bill's path to a floor vote. The legislation seeks to divide regulatory authority between the Commodity Futures Trading Commission and the Securities and Exchange Commission, creating a framework intended to prevent the kind of misconduct that led to the FTX failure. Senator Thom Tillis remains optimistic that a resolution regarding contentious ethics provisions could be reached by the end of the week.
In section Cryptocurrency
Trump Pushes Senate on Crypto Bill Amid Ripple Warning
President Donald Trump is convening Republican senators at the White House to break the deadlock on the CLARITY Act, a legislative push aimed at defining crypto oversight before the August recess. As political maneuvering intensifies, Ripple executives warn that failure to act leaves the industry vulnerable to another systemic collapse.
Ripple’s chief legal officer, Stuart Alderoty, has been vocal about the risks of inaction, characterizing a failed vote as a preservation of the exact regulatory gaps exploited during the FTX crisis. While the industry pushes for clarity, market confidence is wavering; Polymarket traders have pegged the odds of the bill becoming law in 2026 at approximately 36%. With the August recess looming, the House Financial Services Committee is concurrently hosting hearings to examine how the legislation might bolster U.S. blockchain innovation and address proposals for a strategic Bitcoin reserve.
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