Grayscale Investments has asked the Senate to hold a floor vote on the CLARITY Act before the August recess, alongside separate calls from Treasury Secretary Scott Bessent for immediate action. The market-structure bill would split digital asset oversight between the SEC and CFTC, but ethics provisions covering federal officials remain unresolved. Senators have limited floor time left before leaving Washington for the break.
Grayscale Investments has sent a letter to the Senate requesting a floor vote on the CLARITY Act before lawmakers leave for the August recess. The firm said hundreds of thousands of Americans hold its digital asset investment products, giving it and its clients a direct interest in clearer federal rules.
Bill would split oversight between SEC and CFTC
The Digital Asset Market Clarity Act, or H.R. 3633, would set up a regulatory framework for digital asset markets and divide responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Grayscale said the framework would strengthen investor protections while stopping rules built for financial intermediaries from applying to legitimate blockchain developers. According to the firm, crypto businesses, developers, and investors need stable rules rather than enforcement actions and agency guidance that can shift between administrations.
Senate faces a shrinking deadline
Senators have limited floor time before the recess, with nominations, funding talks, and foreign policy measures also competing for attention. Sen. Cynthia Lummis said Senate leaders were still trying to advance the bill. According to Lummis, lawmakers had "one more week here in Washington," though she acknowledged the crowded schedule.
The House passed its version of the bill by a 294-134 vote in July 2025, with 78 Democrats supporting it. Any Senate changes would need approval from both chambers before reaching President Donald Trump's desk.
Talks have continued over ethics provisions covering digital asset activity by federal officials, a dispute that has complicated efforts to clear the chamber's 60-vote threshold. Republicans hold 53 Senate seats, so the bill would likely need at least seven Democrats if every Republican voted in favor.
Bessent adds pressure, Grayscale cites competitiveness
Treasury Secretary Scott Bessent has also called for an immediate vote, accusing Senate Democrats of delaying the measure under pressure from Sen. Elizabeth Warren and other crypto critics. A reported proposal from Sen. Thom Tillis and Sen. Ruben Gallego would let state authorities enforce restrictions on federal officials who issue or sponsor digital tokens, replacing an earlier approach that gave the U.S. attorney general sole enforcement authority.
Grayscale also warned that prolonged uncertainty could push digital asset investment and talent toward jurisdictions with clearer rules, citing Singapore and Abu Dhabi. No clear cryptocurrency price move has been tied to the letter, and traders remain focused on whether Senate leaders schedule a vote before the recess.
Missing the deadline would push the debate into a calendar where other spending and policy items could make floor time harder to secure.
Source: crypto.news
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