TLDR
- Trump is meeting with senators Thursday to discuss the CLARITY Act crypto market structure bill
- Senator Lummis says a new draft will be introduced in days, with a Senate floor vote expected next week
- Prediction market Kalshi gives the bill a 79% chance of a Senate vote before August recess
- Democratic Senator Chris Murphy accused the bill of shielding Trump’s crypto business interests
- Trump’s latest financial disclosure reported roughly $1.4 billion in crypto-related income
President Donald Trump is set to meet with a group of senators at the White House on Thursday to discuss the CLARITY Act, the crypto market structure bill that lawmakers are racing to pass before the Senate’s August recess.
Senator Bernie Moreno confirmed the meeting, saying senators will brief the president on the bill and “its path to success.” Senator Cynthia Lummis will also attend.
Lawmakers see the August recess deadline as a key pressure point. Many believe it is the last realistic window to pass the bill before midterm elections.
Senator Thom Tillis, who has been working through unresolved provisions of the bill, told Politico he hopes to reach agreement by the end of the week.
Lummis said on Fox Business Wednesday that a revised draft will be released within days and expects a Senate floor vote next week.
Prediction Markets Signal Optimism
Traders on Kalshi now give the CLARITY Act a 79% chance of receiving a Senate vote before the August recess, up from 68.8% the day before.
However, confidence that the bill becomes law this year is lower. Kalshi gives it a 36% chance of passing into law in 2026. Polymarket traders put that figure at 39%.
Democratic Opposition Grows
Democratic Senator Chris Murphy stepped up criticism of the bill on July 14, calling it legislation that would “essentially legalize Donald Trump’s crypto corruption scheme.”
The CLARITY Act is the bill supported by the crypto industry to increase their reach into our banking system and broader economy.
There are many problems with the bill, but most egregious is that is essentially legalizes Donald Trump's crypto corruption scheme.
Let me explain. pic.twitter.com/VmicL0H16A
— Chris Murphy 🟧 (@ChrisMurphyCT) July 14, 2026
Murphy argued the bill, in its current form, does not prevent elected officials from financially benefiting from an industry they are regulating.
His remarks came after Trump’s latest financial disclosure reported roughly $1.4 billion in crypto-related income, largely tied to his family’s World Liberty Financial operation.
Senators Jeff Merkley and Chris Van Hollen joined Murphy in calling for stronger ethics rules before the bill moves forward.
They want explicit provisions that stop the president, vice president, members of Congress, and their immediate families from profiting from crypto businesses affected by future regulation.
Five days before Murphy’s press conference, ranking Democrats across five Senate committees, including Senator Elizabeth Warren, requested hearings into Trump’s crypto interests.
The Senate version of the bill has been in negotiation for more than ten months. Debates over stablecoin yield provisions and conflict-of-interest rules have slowed progress.
The CLARITY Act would divide oversight of digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission, while also setting consumer protection rules.
Industry groups continue to back the legislation. Coinbase executives have argued that clear crypto regulation is needed to keep U.S. markets competitive with China and the European Union.
Lummis confirmed that the joint Banking and Agriculture Committee draft is ready for the Senate floor. The next phase is expected between July 15 and July 20, with Senate Majority Leader John Thune set to determine the bill’s final path.
