Senate CLARITY Act draft merges Banking and Agriculture committee texts with new ethics rules, floor vote possible next week.
Regulation & Gov ·
A draft of the Senate's CLARITY Act has merged provisions from both the Banking and Agriculture committees and incorporated new ethics rules, with a floor vote expected as soon as the following week. The consolidated text represents an effort to align two committee approaches to cryptocurrency regulation into a single legislative vehicle.
The Act addresses the definitional fault line that has characterized recent crypto-finance debates: which entities qualify as banks and which body holds authority over that determination. The Office of the Comptroller of the Currency has issued trust charters to crypto firms, a practice the Digital Chamber has defended as legally sound, while Senator Elizabeth Warren has contested those approvals as violations of existing banking law. This congressional-regulatory tension remains unresolved.
The timeline for floor consideration and the specific content of the merged ethics provisions are not detailed in available reporting. It remains unclear which substantive disagreements between the committees the merged draft resolves, and whether the addition of ethics rules signals new conditions on charter approval or related governance requirements.