TLDR:
- Grayscale urged Senate leaders to schedule a CLARITY Act floor vote before the August recess, warning that regulatory delays restrict institutional participation.
- The House passed H.R. 3633 by 294-134, while the Senate Banking Committee advanced the measure 15-9 before sending it toward the chamber floor.
- Senate negotiations still cover ethics enforcement, stablecoin rewards, developer protections, and counter-terrorist-financing compliance language.
- Republicans hold 53 Senate seats, so supporters may need at least seven Democratic votes to clear the 60-vote procedural threshold.
Grayscale has urged Senate leaders to schedule a CLARITY Act vote before lawmakers leave Washington for the August recess. The digital asset manager says delayed market rules restrict institutional participation across crypto products. Its request arrives while Bitcoin trades near $63,002, down 2.69%, with Ether near $1,863. However, no clear price move has been directly tied to the letter.
Grayscale argues that pension funds, endowments, developers, and product issuers need predictable federal standards. The firm wants senators to finish negotiations covering regulatory jurisdiction, investor safeguards, stablecoin rules, and developer protections. Financial crime controls must be settled before floor time disappears.
CLARITY Act Vote Push Meets a Tight Senate Calendar
Grayscale addressed its request to Senate Majority Leader John Thune and Minority Leader Chuck Schumer. The company said hundreds of thousands of Americans hold its investment products, making the legislation relevant to regulated investors.
The CLARITY Act would establish federal rules for digital asset trading and supervision. It would divide responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The House passed H.R. 3633 by a 294-134 vote on July 17, 2025. The Senate Banking Committee advanced it 15-9 on May 14, 2026, sending the measure toward the floor.
Grayscale said senators have spent months addressing jurisdiction, investor protection, and developer safeguards. “After months of bipartisan work, the industry is ready for CLARITY,” the firm said.
Republicans hold 53 Senate seats. Most major legislation needs 60 votes to overcome procedural barriers. Supporters therefore need at least seven Democrats if every Republican backs the measure.
The official Senate calendar lists August 10 through September 11 as a state work period. Nominations, spending measures, and foreign policy matters are also competing for the remaining floor time.
No formal floor vote had been posted when Grayscale issued its request.
A Senate-approved version could differ from the House bill. Any changes would require agreement between both chambers before the measure reaches the president.
Senate Talks Focus on Ethics and Stablecoin Reward Rules
Negotiators continue to debate ethics restrictions covering federal officials and digital tokens. The dispute includes which authority should enforce those restrictions and whether states should receive enforcement powers.
Stablecoin rewards represent another difficult issue. Banking groups argue that yield-like incentives could pull deposits from traditional lenders. Crypto companies say broad restrictions could reduce competition and limit product design.
Lawmakers are also reviewing protections for developers who write non-custodial software. Supporters want the bill to distinguish software creation from financial intermediation. That distinction could affect applications, wallets, and infrastructure developers that never control customer assets.
Countering the financing of terrorism provisions remain part of the wider negotiations. Lawmakers must balance stronger controls with language that does not treat every developer as a regulated intermediary. The final text will determine how compliance duties apply across exchanges, brokers, protocols, and software providers.
Treasury Secretary Scott Bessent has pushed Congress to complete the legislation before recess. He recently described negotiations as near the “1-yard line” and urged lawmakers to finish the remaining work.
Grayscale linked the delay to American competitiveness. The firm said clearer rules in Singapore and Abu Dhabi could attract capital, companies, and technical workers. It argued that stable federal standards would support exchange-traded products, token markets, custody services, and institutional allocations.
Zach Pandl, Grayscale’s head of research, said uncertainty limits participation from pensions and endowments. Those investors often require settled custody, classification, disclosure, and trading rules before approving allocations.
Bitcoin, Ether, XRP, Cardano, and Solana traded lower that session. Traders watch whether Senate leaders schedule debate, release compromise language, or postpone action until lawmakers return in September.
