Senate nears bipartisan deal on CLARITY Act after ethics breakthrough

The path forward for the bill shifted after President Donald Trump reportedly accepted new ethics requirements, clearing a significant hurdle that had stalled progress for weeks. Senator Kevin Cramer confirmed that under the emerging agreement, the Justice Department will serve as the primary enforcement body for these ethics provisions, moving away from a fragmented approach involving state attorneys general.

Democratic influence has been a defining feature of these negotiations, with lawmakers successfully pushing for strengthened protections for digital asset users. Ryan VanGrack, Vice Chair at Coinbase, described the updated safeguards as giving the legislation "more teeth" by addressing specific gaps in existing market rules. These additions supplement earlier proposals from the Senate Agriculture Committee, which already included registration requirements for digital commodity brokers and exchanges under the Commodity Futures Trading Commission.

Despite the progress, the final legislative text remains unpublished, leaving industry stakeholders and consumer groups waiting for specifics on the exact scope of enforcement. Treasury Secretary Scott Bessent has urged lawmakers to finalize the package immediately, suggesting they are at the "1-yard line." However, Thune maintains that the timeline depends entirely on whether Democrats can guarantee the support required to overcome a filibuster. Currently, prediction markets reflect this uncertainty, with Polymarket traders assigning a 43% probability to the bill becoming law in 2026.