David Nage, portfolio manager at Arca, stated that the final hurdle facing the CLARITY Act may have less to do with crypto regulation and more to do with ethics provisions tied to elected officials and senior government leaders.“Three Mechanical Things“In an X post on June 16, Jeff Dorman, CIO at Arca, cited Nage, who revealed that after spending a week meeting lawmakers and congressional staff in Washington, the core policy framework behind digital asset market structure legislation is largely complete.“We are very close,” Nage wrote. “Call it 80%–85% finished.”The House passed the CLARITY Act in July 2025 and Senate Banking Committee advanced its version in May by a 15-9 vote. But the bill currently sits on the Senate calendar awaiting further action.Nage highlighted three major items remain before the legislation can reach the Senate floor:
Merging the Banking Committee and Agriculture Committee versions of the bill.
Resolving concerns surrounding decentralized finance developer protections.
Finalizing ethics and conflict-of-interest language.
