Senate Republicans plan to push the CLARITY Act into formal consideration this week, according to BlockBeats. Senate Majority Leader John Thune wants the bill to make progress before the chamber's August recess.
Cloture vote could be the first test
Under the expected schedule, Republicans may first file a cloture motion. That step would require 60 votes in the Senate for the bill to move forward.
The CLARITY Act is still short of that threshold, leaving Democratic support as the central variable. Earlier, seven Democratic senators said the latest version of the bill was still "not sufficient" in areas including ethics provisions, illicit finance oversight, and conflict-of-interest rules.
Republicans are now in talks with Democrats and are trying to revise those provisions to win bipartisan backing.
Questions remain within the Republican caucus
Democratic votes are not the only issue. Republicans also face internal uncertainty. With the party holding only a narrow advantage in Senate seats and Mitch McConnell expected to be absent, the positions of Josh Hawley and Rand Paul are drawing attention. Both were previously opposed to the GENIUS Act.
Peirce says on-chain structure does not erase securities rules
At the same time, U.S. Securities and Exchange Commission Commissioner Hester Peirce said the crypto industry's move to bring traditional financial products on-chain does not mean those products automatically fall outside securities regulation.
Peirce said some crypto yield vault products may have characteristics of investment funds if user assets are actively managed by a third party, which could mean they need to comply with securities law requirements.
She also said the SEC is not regulating developers simply for writing code. Still, companies cannot assume different rules apply just because a business is deployed on-chain. Peirce advised projects to seek legal advice early in the product design process and to communicate with regulators.