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A critical step has been taken for the CLARITY Act, which could shape the future of the cryptocurrency market in the US. Republican Senator Thom Tillis and Democratic Senator Ruben Gallego finalized revisions to the conflict of interest provisions, one of the most controversial aspects of the bill, on July 29.
The new legislation, drafted through a bipartisan effort, aims to tighten restrictions on the connections of high-ranking federal officials with digital assets. However, the fact that the revised text has not yet been reviewed by a large portion of the Senate and that Congress is about to go on recess in August increases uncertainty regarding the bill’s timeline.
An Alternative Ethical Regulation to the White House Proposal
The new text, drafted by Tillis and Gallego, is presented as an alternative to the ethics code endorsed by the White House on July 22.
Democratic senators had found some of the restrictions in the previous White House-backed proposal, which were set to expire in 2029, insufficient and had sharply criticized the regulation. The full text of the new revision has not yet been made public. However, the regulation is expected to impose stricter rules that limit federal officials from issuing digital assets or directly participating in such projects.
Key objectives of the CLARITY Act include clarifying the boundaries of jurisdiction between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, establishing clear rules for spot digital commodity markets, and reducing regulatory uncertainty in the crypto sector.
The bill also covers controversial topics such as stablecoin yields, decentralized finance applications, and the use of digital assets in illicit financing. However, progress on other critical issues seems difficult without political consensus on conflict of interest regulations.
Time is Running Out for the Clarity Act in the Senate
Senate Majority Leader John Thune announced that a procedural vote on the bill could take place between July 29 and August 1. However, Thune also expressed doubts about whether the entire bill could pass the Senate before the August recess.
The House of Representatives version of the CLARITY Act passed in July 2025 with a vote of 294 to 134. However, since reaching the Senate, the bill has been at the center of negotiations for over a year, involving various revisions, ethical guidelines, and regulatory powers.
With very little time remaining for senators to consider the latest amendments, the likelihood of the bill being delayed until after the August recess is high.
How Can Stablecoin Returns Affect the Crypto Market?
The Clarity Act is considered one of the most comprehensive efforts to date to separate the SEC and CFTC’s authority in digital asset markets.
The stablecoin yield regulations included in the bill could have direct consequences, particularly for DeFi protocols, centralized cryptocurrency exchanges, and US-based stablecoin issuers.
How Congress approaches the interest and reward models offered to stablecoin holders could also impact the competitiveness of US-based companies against global rivals. Strict restrictions might drive users to offshore platforms, while a more flexible framework could strengthen the US position in the stablecoin and digital asset market.
Therefore, discussions on the CLARITY Act are being closely followed not only by crypto companies in the US, but also by the global digital asset market.