Washington has spent years debating how to regulate digital assets. Now the Senate has a unified text, a floor deadline, and a Majority Leader on record. Crypto pundit Xaif (@Xaif_Crypto) pos
Washington has spent years debating how to regulate digital assets. Now the Senate has a unified text, a floor deadline, and a Majority Leader on record.
Crypto pundit Xaif (@Xaif_Crypto) posted about the release on X, drawing the XRP army’s attention to the merged draft of the bill. He summarized the bill’s key provisions as the legislative window narrows ahead of the August recess.
The draft combines the Senate Banking and Agriculture Committee versions into a single package with the ethics provisions that were a sticking point for Senate Democrats.
Merged Senate CLARITY Act draft is out. First version to include an ethics provision barring officials from issuing or sponsoring digital assets, sunsetting Jan 20, 2029. Splits oversight between SEC and CFTC, adds AML rules and a stablecoin framework. Motion to proceed expected… https://t.co/rwIZY0koh2pic.twitter.com/ie1LNt5Cmb
— Xaif Crypto (@Xaif_Crypto) July 27, 2026
The ethics provision bars federal officials from issuing or sponsoring digital assets. It covers the President, Vice President, members of Congress, and their spouses during their terms in office. The provision sunsets on January 20, 2029. Officials who place existing crypto holdings into a qualified blind trust or divest them receive safe harbor protection under the draft.
The provision was merged after Trump met with Sen. Cynthia Lummis, Sen. Bernie Moreno, and White House chief of staff Susie Wiles at the Oval Office on July 16. The White House circulated ethics language to Senate Republicans shortly after. Trump personally signed off on rules written to restrict his own crypto business activity.
The bill splits regulatory jurisdiction between the SEC and the CFTC. Digital assets that function as securities fall under SEC authority. Digital commodities like XRP go to the CFTC. The draft includes anti-money laundering rules and a stablecoin framework. These provisions expand the bill considerably beyond earlier committee versions.
CNBC reported that Senate Majority Leader John Thune has stated he will bring the bill to the Senate floor before the August recess. A motion to proceed is expected Monday or Tuesday. A full floor vote could follow the week of August 3. The Senate’s recess cutoff is August 7.
If the Senate passes the bill before August 7, it moves to reconciliation with the House version, which passed in July 2025. A signed law would end years of regulatory ambiguity for digital asset markets. It would also codify the SEC-CFTC jurisdictional split into federal statute for the first time.
The ethics provision gives the bill its most politically significant new element. The bill has 51 confirmed yes votes and will pass if these provisions are strong enough to sway 9 Democratic Senators.
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