Sen. Cynthia Lummis said Tuesday that she will introduce bill text for the CLARITY Act "in the next few days," the latest move in the Senate’s push to pass a crypto market structure law before its August recess.
"We’ve been working on the Clarity Act every day for 10 months, and we’ll introduce bill text in the next few days, it’s time to land this plane," the Wyoming Republican wrote on X. She said the legislation is aimed at "helping law enforcement fight illicit finance, passing consumer protections and keeping these markets onshore in the US."
Lummis did not give an exact date for when the bill text will be released.
Deadline pressure builds ahead of the August recess
The post came as the Senate returned from recess with a shrinking window to act. The chamber has roughly three weeks to clear the 60-vote threshold on the floor before the bill expires for the year at the August 7 recess deadline.
The CLARITY Act has already moved through several stages this year. In May, the Senate Banking Committee released a 309-page draft. Last month, the bill reached the Senate floor, while the House prepared to move quickly on its own version once the Senate acts.
House track moves in parallel as Senate vote count stays unsettled
Lummis has been pressing for a floor vote. On a parallel track, the House scheduled a field hearing for mid-July.
But the path to passage still depends on Democratic votes, and the math remains uncertain. So far, only two Democrats — Sens. Ruben Gallego and Angela Alsobrooks — have been firmly counted as supporters. Other Democrats have raised concerns about President Trump’s disclosed crypto-linked income.
Banking groups challenge stablecoin yield language
The bill is also facing resistance from banking industry groups. They argue that the current stablecoin yield provisions do not do enough to prevent stablecoins from substituting for bank deposits.
That criticism comes ahead of a House hearing scheduled for July 17, where the issue is likely to remain part of the debate around the legislation.