U.S. Congressman French Hill said bipartisan cooperation is needed to pass the Clarity Act before the midterms, with a Senate vote now scheduled for September 15 after lawmakers missed their hoped-for August recess deadline. The bill would establish a framework dividing oversight of digital assets among commodity, securities and banking regulators, including rules for distinguishing securities, commodities and stablecoins (crypto tokens designed to maintain stable value). The House of Representatives passed the measure last July, but it stalled this year amid a dispute between the banking lobby and crypto companies over whether customers should receive stablecoin yield. A revised ethics provision circulating since July would bar government officials from promoting or profiting from crypto, addressing Democratic criticism of the Trump family. Hill said Democrats and Republicans had narrowed their differences, while Coinbase Chief Policy Officer Faryar Shirzad said younger Democrats supported advancing the legislation. President Donald Trump said in August that Congress needed to pass the bill for the United States to remain the undisputed leader in Bitcoin and crypto.