US Senate To Release CLARITY Act Draft Next Week

Next week, the U.S. Senate is set to release the draft of the Digital Asset Market Clarity (CLARITY) Act. Originally planned for this week, the draft’s release will coincide with “Crypto Week,” from July 14 to 18.

This legislative push is part of broader efforts to create clearer regulations around digital assets in the U.S., an area that has been growing rapidly.

CLARITY Act Draft Release Postponed to Crypto Week

According to Ex Fox journalist Eleanor Terrett, the Crypto Week will feature key discussions on three major pieces of legislation. The CLARITY Act will receive significant attention, aiming to provide regulatory clarity around digital assets by defining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The goal of the bill is to reduce uncertainty and offer a stable regulatory framework for digital asset businesses and investors.

Alongside the CLARITY Act, the House will also discuss the Anti-CBDC Surveillance State Act, designed to prevent the issuance of central bank digital currencies (CBDCs) for retail transactions. Another bill, the GENIUS Act, will also be debated, proposing a federal framework for regulating stablecoins. The GENIUS Act will go to a full vote in the House next week, alongside CLARITY and the Anti-CBDC Act. If passed, it will move to President Trump’s desk, while the CLARITY and Anti-CBDC bills will proceed to the Senate.

Ripple CEO Advocates for Clear Crypto Legislation

Ripple CEO Brad Garlinghouse has called for smart, clear, and targeted legislation in the digital asset space. In recent statements, he stressed the need for lawmakers to pass the long-awaited crypto market structure bill, particularly the CLARITY Act.

He emphasized that the bill could provide much-needed legal certainty and resolve compliance concerns for businesses in the industry.

However, while the CLARITY Act enjoys support in certain quarters, it has raised concerns among some lawmakers, including Senator Elizabeth Warren. Warren has expressed reservations about the bill, particularly regarding its potential to allow companies such as Tesla and Meta to bypass SEC oversight by tokenizing their assets.

House Ways and Means Oversight Subcommittee Hearing

In addition to discussions about the key bills, the House Ways and Means Oversight Subcommittee has rescheduled its hearing on the development of a 21st-century crypto tax policy framework.

The hearing is scheduled next Wednesday, July 16, in the middle of Crypto Week. Critical concerns about taxation and regulatory compliance to the digital asset sector are likely to be discussed in the hearing, a topical subject in view of the ongoing growth of the market.

Subsequently, the hearing is expected to focus on creating a framework that reflects the evolving nature of cryptocurrencies and blockchain technology while ensuring compliance with existing tax laws.

Meanwhile, Bitcoin price has rocketed to a new high before the proposed regulatory discussions at Crypto Week. The rise in potential regulatory reforms have led traders and investors to hedge their bets in case the regulatory environment sees a shift that would help offer greater certainty and stability to the digital asset market.