Trump Urges Senate to Pass Clarity Act Before Recess
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- Trump posted on Truth Social urging the Senate to pass the Clarity Act, invoking the late Sen. Lindsey Graham and arguing the U.S. needs to stay ahead of other countries on crypto
- The Clarity Act would grant CFTC oversight of crypto-spot markets and define "mature blockchain" — a term that could determine whether tokens are treated as securities under the SEC or as digital commodities
- Stablecoin language in the bill bars yield on idle stablecoins but permits rewards on certain transactions, a compromise addressing bank concerns that looser rules could drain deposits
- The Senate recesses Aug. 11 and returns mid-September, leaving only a few weeks before both chambers are out of session until after the midterm elections
- Prediction market Kalshi priced a 73% likelihood of a Senate vote before the August recess and a 70% chance the bill clears the 60-vote threshold — a sharp jump from 21% just days earlier
- Passage math remains difficult: the bill needs seven Democrats given the chamber's thin Republican majority, and some Democrats are demanding anti-corruption language after disclosures showed Trump made over $1 billion on crypto ventures in 2025
Why it matters: Stablecoin yield rules in this bill directly shape how banks compete with crypto for deposits, and Trump's $1 billion in disclosed 2025 crypto gains is giving Democrats ammunition to demand anti-corruption provisions — Kalshi's sudden swing from 21% to 70% passage odds signals real momentum, but the pre-Aug. 11 calendar still leaves the seven-Democrat hurdle as the binding constraint.
