Key facts
- Rep. French Hill is pushing for a Senate vote on the Digital Asset Market CLARITY Act before the August recess.
- Hill argues the CLARITY Act would establish a regulatory framework and transparency for digital assets.
- Democrats are seeking hearings on President Trump's crypto holdings, citing financial disclosures and potential conflicts of interest.
- A merged draft of the CLARITY Act, combining House and Senate proposals, is expected soon.
- The CLARITY Act is seen as complementary to the stablecoin law enacted last year, the GENIUS Act.
Representative French Hill is urging Senate leaders to bring the Digital Asset Market CLARITY Act to a floor vote in July, before the August recess. Hill, who chairs the House Financial Services Committee, believes the bill is crucial for establishing a clear regulatory framework for digital assets and addressing ethical concerns, including those surrounding President Trump's cryptocurrency holdings and potential conflicts of interest. He noted that the House version of the bill received broad bipartisan support.
Democrats, however, are seeking hearings on President Trump's crypto ventures, citing financial disclosures that reportedly link him to substantial income from crypto activities. They have expressed concerns that without robust ethics provisions, the CLARITY Act could exacerbate conflicts of interest. Hill contends that the bill itself, by providing transparency, would mitigate these concerns.
The CLARITY Act is seen as a necessary complement to the stablecoin legislation enacted last year. A merged draft of the bill, combining proposals from the Senate Banking and Agriculture Committees, is expected soon. CFTC Chairman Michael Selig and Coinbase Vice Chair Ryan VanGrack have voiced support for the bill, with VanGrack highlighting bipartisan efforts to pass it. Despite this, a prediction market indicates a declining probability of the bill's passage in 2026.