Crypto Bill Prospects Clouded by Senate Hurdles and Trump's Unpredictability

Senate Majority Leader John Thune is expected to begin procedural steps on the Clarity Act in mid-July, but passage of the crypto market structure bill before the November midterm election remains uncertain.

The main pressure point is July 24, when the House leaves for its August recess. Democrats are pushing an ethics amendment that would bar officials from owning crypto businesses, including President Donald Trump's family members.

Law enforcement and banking groups have raised concerns about Section 604 of the Clarity Act, arguing it could reduce oversight and make illicit crypto investigations harder.