Crypto executives and policy groups called on the Senate to move quickly after Senate Republicans released updated text of the Digital Asset Market Clarity Act on July 22, while key Democrats attacked the draft's approach to policing crypto conflicts of interest among government officials, the dispute most likely to determine whether the bill reaches 60 votes before the August recess.
Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis released the updated text, which merges the versions passed by the Banking and Agriculture Committees into a single bill. The full text runs 616 pages, according to Fox Business alum and Crypto in America host Eleanor Terrett, who reported the release followed stakeholder briefing calls earlier in the day.
"This is another step in my years-long journey to ensure the U.S. leads the way on digital assets," Lummis said in the statement. "The coming weeks are likely the last real chance we will have for years to get this right." She added a commitment "to reaching a deal in the coming days that will allow this legislation to become law."
The Clarity Act, which cleared the Senate Banking Committee 15-9 in May, would split digital asset oversight between the SEC and the CFTC. Senate Majority Leader John Thune intends to move to floor action in the coming days before the summer recess, his office told CoinDesk.
