Senator Kevin Cramer said Tuesday the Senate has moved close to a deal on the Clarity Act, the crypto market-structure bill, with new amendments on ethics and enforcement now before Democrats for review. The North Dakota Republican told Fox Business the bill grows 'clearer' as 'each issue gets dealt with,' and 'we're almost there,' with the largest holdup being Democrats reading the amendments. The central compromise concerns enforcement structure, with apparent agreement that the Department of Justice would serve as the prevailing enforcer rather than state attorneys general, addressing industry demands for uniform regulatory rules.
DOJ Proposed as Primary Enforcer for Clarity Act
Cramer said there appears to be 'some agreement that the Department of Justice would be the prevailing enforcer' of the Clarity Act. He backed the structure as the source of uniform rules. Democrats had preferred a role for state attorneys general, an approach Cramer argued would create 'too disparate a situation' for the clarity the industry seeks. The shift would route enforcement to federal prosecutors rather than to fifty separate state offices, centralizing the decision to act in the Justice Department.
Ethics Dispute Centers on Trump Crypto Ventures
The enforcement question sits at the heart of a months-long ethics fight over President Trump's crypto ventures. Senator Cynthia Lummis, who chairs the Banking Committee's digital assets subcommittee, had floated language that would let state attorneys general sue exchanges that list tokens issued by public officials, a provision aimed at holdings tied to the president and his family. Democrats on the committee have pressed for enforceable conflict-of-interest rules, and an amendment to bar the president, vice president, and members of Congress from crypto business ties failed on a party-line vote during the committee markup. Trump has met with senators over the ethics dispute as the White House and negotiators work toward terms.
Senate Banking Committee Advanced Bill 15-9 This Spring
The Senate Banking Committee advanced its version of the Clarity Act in a 15-9 vote this spring, with two Democrats crossing over. The House passed its version a year ago. The Clarity Act would split oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission, set disclosure rules for certain tokens, and extend anti-money-laundering and sanctions rules to crypto exchanges. Majority Leader John Thune has aimed to bring the bill to the floor before the work period ends in early August. House members have urged the Senate to act within the window.
Cramer said the Senate has 'a couple more weeks' before the August recess, and echoed Lummis in the push for passage before the break. 'We have to get this done,' he said about the Clarity Act. Lummis, in an interview last week, said the bill was 'ready' and that it was 'very important' to move it across the finish line before the recess. Cramer flagged one more sticking point beyond enforcement: the definition of securities intermediaries. 'The industry doesn't like that,' he said, and noted a preference for a definition built around decentralization. He cast the remaining gaps as matters of 'small details.' Cramer stopped short of a firm date, saying 'I don't know that we get to it this week.'
Treasury Secretary Bessent Calls Bill at 1-Yard Line
Treasury Secretary Scott Bessent told Bloomberg that lawmakers stood at the '1-yard line' on the Clarity Act and urged Congress to pass the bill before the recess. The bill competes for floor time with a continuing resolution to avert a government shutdown at the end of September and a reconciliation package, priorities Cramer ranked ahead of other items. President Trump has pressed the chamber to pass the crypto measure, a message he has paired with warnings about competition from China. The CFTC chair called the bill 'so close,' while Galaxy Research cut its passage odds to 50-50.
FAQ
What did Senator Cramer say about the Clarity Act timeline?
Senator Cramer said Tuesday the Senate is 'almost there' on a deal for the Clarity Act, with 'a couple more weeks' before the August recess. He stated 'we have to get this done' before the break, though he stopped short of a firm date, saying 'I don't know that we get to it this week.'
Why is there disagreement over enforcement of the Clarity Act?
The central compromise concerns who enforces the law. Cramer said there appears to be agreement that the Department of Justice would be the prevailing enforcer, which he backed as the source of uniform rules. Democrats had preferred a role for state attorneys general, an approach Cramer argued would create 'too disparate a situation' for the clarity the industry seeks.
What happened to the Clarity Act in the Senate Banking Committee?
The Senate Banking Committee advanced its version of the Clarity Act in a 15-9 vote this spring, with two Democrats crossing over. An amendment to bar the president, vice president, and members of Congress from crypto business ties failed on a party-line vote during the committee markup.
