Senate Republicans released on July 22 the updated text of the Digital Asset Market Clarity Act, a 616-page bill merging versions passed by the Banking and Agriculture Committees. The legislation would split digital asset oversight between the SEC and the CFTC, while preserving DeFi developer protections and self-custody provisions. The ethics package, negotiated without Democratic sign-off, bans federal officials from issuing digital assets for compensation during their terms and grants the DOJ civil enforcement authority. The bill needs at least seven Democratic votes to reach the 60-vote Senate threshold, with lawmakers set to leave Washington for the summer recess in roughly two weeks.
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