Senator Cynthia Lummis says CLARITY Act text due in next few days

Senator Cynthia Lummis said text of the Digital Asset Market Clarity Act should reach the Senate floor in the next few days, while President Donald Trump is scheduled to meet senators on July 16 as lawmakers try to move the U.S. crypto market-structure bill forward. The legislation would divide oversight between the SEC and the Commodity Futures Trading Commission, set when digital assets are treated as securities or commodities, and use a proposed "mature blockchain test" to judge when a token is decentralized enough to shift toward commodities treatment. The bill still faces an uncertain Senate path because 60 votes are needed to overcome a filibuster and negotiations over ethics provisions remain unresolved. Those talks include whether the bill should restrict the president, vice president, members of Congress, senior officials and potentially family members from holding or profiting from crypto business interests while in office. Ripple Chief Legal Officer Stuart Alderoty has urged lawmakers to pass the bill rather than abandon it, arguing that even an imperfect framework would be better than a regulatory vacuum.