Securities Regulation Daily Wrap Up, BLOCKCHAIN—Senate Dems oppose latest draft of Clarity Act, (Jul 23, 2026)
Organizations Mentioned:Digital Asset
Proponents have been aiming for a Senate vote by August 7, but that window is dwindling.
A core group of Senate Democrats opposed the latest draft of the Clarity Act put forward by Senate Republicans, citing wide-ranging concerns. The proposed legislation would establish a federal regulatory framework for crypto assets, but some Democrats say it does not go far enough.
“The Republican-proposed text of the CLARITY Act as it currently stands falls short,” the senators wrote in a July 22 statement. “Key provisions including those addressing ethics for elected officials, consumer protection, illicit finance, conflicts of interest and market integrity must be strengthened.”
The senators said they will continue to work with Republicans.
“We have been working in good faith with our Republican colleagues for the past year and will continue doing so to get this over the finish line.”
The statement was signed by Sens. Catherine Cortez Masto (D-Nev), Angela Alsobrooks (D-Md), Cory Booker (D-N.J.), Ruben Gallego (D-Ariz), John Hickenlooper (D-Colo), Mark Warner (D-Va), and Raphael Warnock (D-Ga).
Clarity Act. The latest draft of the Digital Asset Market Clarity Act (H.R. 3633) was released on July 22 by Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis (R-Wy). According to Lummis, it reflects the merged work products of the Banking and Agriculture Committees.
The draft was welcomed in social media posts by leading crypto groups Stand with Crypto, Blockchain Association, and Crypto Council for Innovation. The Digital Chamber said the draft “represents meaningful progress” and they are reviewing it.
A previous version was advanced by the Senate Banking Committee in May. Both versions differ from the Clarity Act that passed the House last July.
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