U.S. Senator Cynthia Lummis (R-WY) announced on July 14 that lawmakers will release the CLARITY Act bill text within days after nearly 10 months of negotiations. The legislation seeks to establish a federal regulatory framework for digital asset markets while strengthening consumer protections and anti-money laundering requirements. The Senate Banking Committee approved the market structure proposal in May following bipartisan negotiations involving lawmakers, regulators, financial institutions, consumer advocates, and digital asset companies.
Senator Lummis Announces CLARITY Act Bill Text Release Timeline
Senator Lummis told Fox Business during a July 14 interview that months of negotiations have produced CLARITY Act bill text ready for introduction. "Its taken us virtually every day for the last 10 months to get this bill in the condition it's in today, and we're ready. So, we will be introducing it in the next few days," she stated.
The Senator explained that the Senate's upcoming work period creates an opportunity to advance the legislation before lawmakers leave Washington. "We're going to be in session now for four straight weeks," she stated, emphasizing: "It's very important that we get this bill across the finish line before the August recess begins, so we can make the markets aware of the stability that will be provided to them if they remain onshore in the United States to do business."
Lummis noted that the legislation seeks to support the digital asset industry while addressing law enforcement priorities and strengthening consumer protections. "This is a pivotal time for the industry, and we want to meet their needs," she shared. The lawmaker also underscored that the proposal addresses law enforcement priorities involving illicit finance while strengthening consumer protections, concluding: "It's been arduous, but we're ready for prime time."
The legislation is the Digital Asset Market Clarity Act of 2025, known as the CLARITY Act. While the House passed its own version of the legislation in 2025, Senate lawmakers have spent months negotiating changes to produce their own version ahead of introduction.
CLARITY Act Establishes Federal Digital Asset Framework
The proposal would establish a federal framework for digital asset markets while defining regulatory responsibilities between financial agencies, including clarifying the roles of both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Among its provisions are consumer protection and financial crime measures. Those measures include anti-fraud standards, oversight of centralized intermediaries, Bank Secrecy Act compliance requirements, anti-money laundering programs, customer identification procedures, and sanctions compliance intended to strengthen oversight of digital asset businesses.
Senate Majority Leader Thune Controls Legislative Schedule
Senate Majority Leader John Thune (R-SD), who controls the chamber's legislative agenda, will ultimately decide when the CLARITY Act reaches the Senate floor.
Lummis said she expects consideration during the week of July 20, while noting the final scheduling decision rests with Thune. She said: "I expect it'll be that week, but considering the important things we have to deal with in these four weeks, Senator Thune will make the final decision about which week to bring Clarity to the floor."
The lawmaker from Wyoming remains confident the legislation will receive floor time before the August recess despite competing priorities, including the National Defense Authorization Act. While no official Senate floor schedule has been announced, she concluded: "Senator Thune is aware of the importance this bill provides for market stability for digital assets, so I think he'll schedule this for the four-week period."
FAQ
What did Senator Lummis announce on July 14 about the CLARITY Act?
Senator Cynthia Lummis announced that lawmakers will release the CLARITY Act bill text within days after nearly 10 months of negotiations. She told Fox Business the bill is ready for introduction in the next few days.
What does the CLARITY Act establish for digital asset markets?
The proposal would establish a federal framework for digital asset markets while defining regulatory responsibilities between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). It includes consumer protection measures, anti-fraud standards, Bank Secrecy Act compliance requirements, anti-money laundering programs, customer identification procedures, and sanctions compliance.
Who controls the Senate floor schedule for the CLARITY Act?
Senate Majority Leader John Thune (R-SD) controls the chamber's legislative agenda and will ultimately decide when the CLARITY Act reaches the Senate floor. Senator Lummis said she expects consideration during the week of July 20, but the final scheduling decision rests with Thune.
