Key Points President Trump scheduled to meet with Senate members Thursday regarding the CLARITY Act cryptocurrency legislation Senator Cynthia Lummis announces updated bill version coming wit
President Donald Trump has arranged a Thursday White House session with multiple senators to advance the [[LINK_START_0]]CLARITY Act[[LINK_END_0]], a comprehensive cryptocurrency market structure proposal that legislators are rushing to enact before Congress breaks for August.
Senator Bernie Moreno verified the scheduled gathering, indicating that attending senators will update the president on the legislation’s current status and “trajectory toward passage.” The meeting will include Senator Cynthia Lummis among other participants.
The upcoming August congressional recess represents a critical timeline for supporters. Political observers widely consider this window the final viable opportunity for passage prior to November’s midterm election cycle.
Senator Thom Tillis, actively negotiating outstanding elements of the proposal, informed Politico that he anticipates reaching consensus by week’s end.
During a Fox Business appearance Wednesday, Lummis announced that an amended version will become public in the coming days and projected a full Senate chamber vote during the following week.
Participants on the [[LINK_START_1]]Kalshi[[LINK_END_1]] platform currently assign the CLARITY Act a 79% likelihood of securing a Senate vote before the August recess begins, representing an increase from the previous day’s 68.8% probability.
Nevertheless, expectations for full enactment during 2026 remain more cautious. Kalshi traders assess a 36% chance of the bill becoming law this calendar year, while Polymarket participants estimate 39%.
On July 14, Democratic Senator Chris Murphy escalated his opposition to the measure, characterizing it as legislation designed to “effectively legitimize Donald Trump’s cryptocurrency conflict of interest operation.”
The CLARITY Act is the bill supported by the crypto industry to increase their reach into our banking system and broader economy.
There are many problems with the bill, but most egregious is that is essentially legalizes Donald Trump's crypto corruption scheme.
Let me explain. pic.twitter.com/VmicL0H16A
— Chris Murphy
(@ChrisMurphyCT) July 14, 2026
Murphy contended that the bill as currently written fails to prevent government officials from extracting financial gains from industries under their regulatory authority.
His statements followed Trump’s most recent mandatory financial disclosure, which documented approximately $1.4 billion in cryptocurrency-related revenue, predominantly connected to his family’s World Liberty Financial enterprise.
Senators Jeff Merkley and Chris Van Hollen aligned with Murphy’s position, demanding enhanced ethics safeguards before legislative advancement.
Their proposed amendments would establish explicit prohibitions preventing the president, vice president, congressional members, and their immediate relatives from earning profits through cryptocurrency enterprises subject to forthcoming regulations.
Five days preceding Murphy’s public statement, senior Democratic members from five separate Senate committees, including Senator Elizabeth Warren, formally requested investigative hearings examining Trump’s cryptocurrency holdings.
Negotiations surrounding the Senate version have extended beyond ten months. Ongoing disputes concerning stablecoin yield mechanisms and conflict-of-interest frameworks have created substantial delays.
The CLARITY Act would establish a dual regulatory framework splitting digital asset supervision between the Commodity Futures Trading Commission and the Securities and Exchange Commission, while implementing consumer safeguard standards.
Cryptocurrency sector organizations maintain their endorsement of the measure. Coinbase leadership has emphasized that definitive cryptocurrency regulations are essential for maintaining American market competitiveness against China and the European Union.
Lummis verified that the collaborative Banking and Agriculture Committee version stands prepared for Senate floor consideration. The upcoming legislative phase is projected between July 15 and July 20, with Senate Majority Leader John Thune scheduled to establish the bill’s ultimate procedural route.
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