Key Facts

• Multiple individuals familiar with the Clarity Act discussions confirmed that lawmakers intend to unveil an updated version of the crypto market structure bill this week, combining the bills previously passed out of committee by the Senate Banking and Agriculture panels.
• The new text is expected to include some 70 additional pages, but as of press time, it will not include an ethics provision or agreements on some of the remaining contentious issues in the Clarity Act, meaning it's not yet ready for a vote.
• Senate Majority Leader John Thune expressed willingness to put the bill up for a floor vote in July, with rumors suggesting the bill may go to the Senate floor during the week of July 20 or July 27.
• To pass the bill, at least seven Democrats will need to support it, and organizations like Stand With Crypto are expected to score the vote, with the industry taking note of the hundreds of millions of dollars the crypto political action committees have on hand.
• A provision banning the Federal Reserve from issuing a central bank digital currency for at least four years will have taken effect, assuming the President does not veto the housing bill, providing a bright side for the bill's proponents.