Senate's Crypto Bill: 200+ Firms Knock, Banks Say "Not So Fast," White Host Says "July 4th" 🗓️

More than 200 crypto organizations and companies signed a joint letter dated June 7 urging U.S. Senate leadership to schedule the CLARITY Act for full Senate consideration. The letter, signed by Stand With Crypto, the Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber, was addressed to Senate leaders John Thune and Chuck Schumer, stating "The Senate should now build on that momentum and give members the opportunity to advance durable market structure legislation." The groups framed the legislation as a competitiveness issue, warning that "The question before Congress is whether that future will be built in the United States — under U.S. law, U.S. oversight, and American values — or continue moving to offshore jurisdictions."

The push comes after the Senate Banking Committee advanced the bill with bipartisan support, with Senator Cynthia Lummis writing on X that "The CLARITY Act passed committee. The floor is next." Senate Banking Committee Chairman Tim Scott said the crypto market could surge to a $30 trillion valuation if the bill passes, telling interviewers that "digital assets is a part of the future of finance" and noting that "even JP Morgan is now getting involved in stable coins." Scott's remarks followed public criticism from JPMorgan CEO Jamie Dimon, who said banks would "fight" parts of the legislation on stablecoin regulation, arguing crypto firms offering payment and deposit-like services should face banking-style oversight requirements.

The bill's path forward faces multiple hurdles as the White House targets a July 4 signing deadline. White House Crypto Council Executive Director Patrick Witt told journalist Eleanor Terrett, "We're still making great progress across three areas that the Democratic Senators had raised as the ones they wanted to see progress on. Every day, we're doing trifecta. Mornings or afternoons on Ag, ethics, and BRCA," adding "time is of the essence." Terrett, host of the podcast Crypto in America, called the July 4 timeline "logistically impossible," noting lawmakers would need to find an ethics solution, resolve agriculture text issues, merge competing bills, secure 60 votes in the Senate, and clear both chambers.

Ethics negotiations hit what one Democratic source described as a "rocky" start on Tuesday after Republicans and the White House walked back a provision allowing state attorneys general to sue the Department of Justice for failures to enforce ethics rules tied to President Donald Trump's crypto business interests. Trump's family has earned an estimated $2.3 billion from crypto ventures including World Liberty Financial (WLFI), USD1 stablecoin, and Bitcoin mining. A Tuesday meeting attended by Senators Kirsten Gillibrand, Ruben Gallego, Bernie Moreno, Lummis, and Witt ended without agreement, with Republicans offering to limit enforcement authority to the Attorney General and floating impeachment as a remedy, which Democrats rejected. The group is expected to reconvene Thursday.

The White House also hosted law enforcement officials Wednesday to address concerns about Section 604, the Blockchain Regulatory Certainty Act (BRCA), which provides legal protections for non-custodial developers. About 20 people attended the meeting at the Eisenhower Executive Office Building, including House Majority Whip Tom Emmer and White House AI and crypto czar David Sacks, along with representatives from the Fraternal Order of Police, the National Sheriffs' Association, the National District Attorneys Association, and officials from the DOJ, Treasury, and FinCEN. Senators Mark Warner and Catherine Cortez Masto have tied their support to law enforcement's sign-off on the provisions. Lummis countered criticism by stating "The Clarity Act delivers $150 million for law enforcement to track down scammers and bad actors in the digital asset space."

Prediction markets reflect the uncertainty, with Polymarket traders pricing the bill's 2026 passage odds near 48%, down from 74% a month ago, while Kalshi bettors projected 30% odds for passage before August.