Senate Republicans released an updated version of the Digital Asset Market Clarity (CLARITY) Act on July 22, 2026, the latest step toward a comprehensive U.S. framework for crypto markets.
What's in the new text
- Merged drafts: the bill combines the Senate Banking Committee substitute with the Senate Agriculture Committee's Digital Commodity Intermediaries Act, largely preserving both committees' core frameworks.
- Size: the combined text, released by Senator Cynthia Lummis, runs to more than 600 pages.
- Ethics provision: it includes a first-of-its-kind government-ethics clause that sunsets in 2029.
The stablecoin rewards fight
The biggest unresolved issue is yield. Banks want the GENIUS Act's ban on interest-bearing payment stablecoins extended to close what they call an "exchange loophole," where trading platforms pay rewards on stablecoin balances that issuers themselves cannot. Crypto firms want those rewards preserved. Law-enforcement provisions and ethics rules are also still being negotiated.
What comes next
No floor vote is scheduled yet. Supporters hope to move the bill before the end of the year, but the calendar is tight and the remaining disputes are substantive.
