A fresh version of the crypto market structure legislation known as the Clarity Act may surface as soon as next week. Sources close to the negotiations say lawmakers are pushing for a final breakthrough before the end of July.
The bill has stalled for months without a clear path forward, frustrating both crypto industry advocates and lawmakers on both sides. A new draft would mark the first real movement since talks broke down earlier in the year.
Even with a new version reportedly in the works, sources caution that bipartisan support remains elusive. Without buy-in from both parties, the bill risks stalling out again before it can reach a floor vote.
Senator Ron Wyden has separately urged colleagues to fold the Blockchain Regulatory Certainty Act into the broader Clarity framework. That provision would shield non-custodial software developers from being classified as money transmitters under existing law.
Industry groups have lobbied hard for that carve-out, arguing that developers who never take custody of user funds should not face the same compliance burden as exchanges. Regulatory clarity on that point has been a top priority for builders in the space.
The stakes have grown as 2026 election-year politics threaten to swallow the legislative calendar. Investment banks have already warned that a stalled Congress could push any meaningful crypto bill into 2027 or later.
Coinbase has reportedly signaled it may pull its backing for the Senate’s version of the bill if certain provisions get watered down. That kind of pressure from a major industry player adds another layer of complexity to an already slow process.
Meanwhile, some states are moving ahead without waiting on Washington. Russia’s Alfa-Bank is set to become a licensed digital asset custodian under new domestic rules, with retail brokerage services expected as early as late 2026.
Back in the US, the timing question looms large over everything. Lawmakers know that once campaign season fully kicks into gear, appetite for complex financial legislation tends to evaporate fast.
If a new draft does emerge next week, expect immediate reaction from both crypto markets and Capitol Hill. Traders watching for regulatory catalysts will treat any real movement on Clarity as a meaningful signal, even without a guaranteed path to passage.
