On Thursday afternoon, President Donald Trump will host a meeting with several senators to talk about the Clarity Act, a major crypto regulation bill, according to Sen. Bernie Moreno (R-Ohio).
For months, talks on the Clarity Act have seesawed. A major sticking point remains an ethics clause aimed at Trump's cryptocurrency business connections. Senate Democrats are insisting on this clause as a condition for their backing, which is essential for the bill's passage in the Senate.
According to Moreno, a delegation of senators will brief the president on the bill's status and its "path to success."
"We'll be talking about the entirety of the bill. I mean, obviously the president's been very engaged in this bill," Moreno, a key negotiator, said. "He's the one who's really driven the innovation that I think will pay dividends."
The White House did not immediately reply to a request for comment.
Get the market news that matters in a five-minute read with Market Briefs, our free daily newsletter
With the August recess approaching, lawmakers face pressure to pass the bill, as midterm elections will make further legislative efforts more challenging.
In an interview, Sen. Thom Tillis (R-N.C.) said, "I'm hoping that we can come up with some agreement by the end of this week. "I think it's critical if we're going to try and get this across the floor before August recess"."
On Wednesday, Senate Majority Leader John Thune expressed his desire to schedule a floor vote on the bill during the current work period, which concludes on August 7. Asked whether he would call a vote without a Democratic agreement, Thune responded, "at some point, we'll vote on it, yeah."
The Clarity Act represents a major legislative effort to create a federal regulatory framework for digital assets, a sector that has seen rapid growth and increased scrutiny. Proponents argue that clear rules would boost innovation and protect investors, while critics warn of potential conflicts of interest and insufficient consumer safeguards. The ethics clause, in particular, has become a central point of negotiation, as Democrats seek to ensure that any legislation does not unfairly benefit President Trump's personal crypto ventures.
The timeline for unveiling an updated version of the bill is still uncertain.
Sen. Cynthia Lummis (R-Wyo.), a primary author of the bill, indicated in an interview that a draft might be released as early as Wednesday, though the decision rests with Thune, and senators remain undecided on whether to incorporate an ethics clause or mark it for later addition.
"There's been some differences of opinion among senators about whether we should distribute a draft with or without the ethics language," Lummis said. "If a decision is made to do it before there's a final stamp of approval on ethics, it will come out with brackets saying ethics to be added. But if a decision is made to wait until the ethics language is approved, then it will take a few more days."
Jordain Carney contributed to this report.
Join Market Briefs, our free daily newsletter, for a quick daily rundown of the markets
