Cynthia Lummis discusses challenges facing Clarity Act ahead of August recess

Senator Cynthia Lummis unveiled a revised draft of the Digital Asset Market Clarity Act on July 22, 2026. Ten days later, the bill’s chances of crossing the finish line before the August recess are looking increasingly slim. Senate Majority Leader John Thune has signaled skepticism about getting the legislation done in time, noting that roughly ten days remain for the Senate to act. Lummis, for her part, remains hopeful for a deal. What’s in the revised bill and why it matters The CLARITY Act, formally designated H.R. 3633, represents the most ambitious attempt yet to draw clear regulatory lines around digital assets in the US. At its core, the bill divides oversight responsibilities between the SEC and CFTC. The revised draft also includes a notable new provision. It prohibits federal officials, including presidents, from issuing or sponsoring digital assets. That addition came directly from negotiations with Democratic lawmakers who raised ethical concerns about conflicts of interest at the highest levels of government. The bipartisan nature of the bill isn’t just window dressing. It cleared the Senate Banking Committee back in May 2026 with a 15-9 vote. The bill also emerged fro...