Several sources familiar with the negotiations told CoinDesk that lawmakers may introduce an updated draft of the Digital Asset Market Clarity Act this week, though the legislation still faces several unresolved challenges.

Speculation that the Clarity Act has collapsed appears to be premature. While the bill remains active, the crypto sector still has significant hurdles to overcome before the legislation can successfully pass through Congress.

The proposed market structure bill remains a major focus for the digital asset industry, which is seeking clearer regulatory guidelines for cryptocurrencies in the U.S.

Updated Clarity Act Version Expected

People close to the discussions said lawmakers are preparing a revised version of the Clarity Act that will combine the separate bills previously approved by the Senate Banking and Agriculture Committees.

The updated proposal follows negotiations between the two committees as lawmakers attempt to merge their different approaches and resolve conflicting provisions.

Although the release of a new draft would represent a step forward, it does not necessarily mean the bill is ready for approval. Several major disagreements remain unresolved, and those issues could determine whether the legislation gains enough support to proceed.

Remaining Disputes Could Delay the Bill

Sources told CoinDesk that the revised draft could include roughly 70 additional pages of language while incorporating elements from both Senate committee versions.

However, the new text is not expected to contain an ethics provision or provide final solutions to some of the most debated parts of the legislation. Without progress on those issues, the bill may not yet be prepared for a formal vote.

The timeline is becoming increasingly important, as lawmakers have a limited opportunity to move the legislation through Congress and deliver it to the president for approval during the 2026 session.

Bipartisan Votes Needed in the Senate

The next major step could be a Senate floor vote. Senate Majority Leader John Thune previously said he was open to scheduling a vote in July, with reports suggesting the bill could reach the Senate floor during the weeks of July 20 or July 27.

Passing the legislation would likely require at least 60 votes, meaning a group of Democrats would need to support the measure. The number of Democratic votes required could rise if some Republicans oppose the bill or are unavailable during voting.

Crypto advocacy organizations are expected to closely follow lawmakers’ decisions, while industry groups will likely point to the substantial financial resources available through crypto-focused political action committees.

The upcoming 2026 midterm elections could also influence lawmakers’ decisions. With Election Day approaching on Nov. 3, members of Congress will soon return to their districts and face pressure from voters and party supporters.

Trump’s Support Could Be Crucial

Donald Trump is expected to remain a key figure in determining the bill’s future. In particular, support for an ethics provision could play an important role in securing Democratic backing.

A source familiar with the talks said that if the upcoming draft does not include ethics-related language or a framework for addressing concerns, it could make bipartisan approval more difficult.

Some sources noted that the White House has recently appeared less involved in negotiations than it was earlier in the summer. However, another source suggested officials may simply be waiting for lawmakers to resolve other outstanding disagreements before stepping in.

CBDC Debate May No Longer Complicate the Process

One issue that previously threatened to complicate negotiations appears to have been addressed. Some crypto industry participants worried lawmakers might add a ban on a U.S. central bank digital currency to the Clarity Act, creating another point of disagreement.

However, a separate housing bill included a provision preventing the Federal Reserve System from launching a CBDC for at least four years.

If implemented, the measure would push the CBDC debate out until 2030, allowing lawmakers to concentrate on remaining crypto market structure issues.

Key Crypto Policy Events This Week

Tuesday

• Fed Chair Kevin Warsh will testify before the House Financial Services Committee.

Wednesday

• The Senate Select Committee on Intelligence will hold a confirmation hearing for Jay Clayton’s nomination for Director of National Intelligence.
• Kevin Warsh will appear before the Senate Banking Committee.
• The House Financial Services Committee will hold a hearing on the Consumer Financial Protection Bureau.

Thursday

• The Senate Banking Committee will host a hearing focused on the Consumer Financial Protection Bureau.

Friday

• The House Financial Services Committee’s digital assets subcommittee will hold a hearing in New York on the Clarity Act.

The upcoming draft release could offer the clearest indication yet of whether lawmakers are nearing a bipartisan agreement or whether unresolved political disputes will continue slowing the bill’s progress.