Ruben Gallego

Former New York Gov. Andrew Cuomo urged Congress to pass the CLARITY Act, arguing that clearer federal rules are needed for crypto firms and traditional financial institutions. He warned that leaving policy to regulators could create shifting standards as political control changes in Washington.

The Digital Asset Market Clarity Act has hit a difficult stretch in the Senate as ethics language, election-year timing and regulatory design concerns weigh on its path forward. Market participants say the bill could improve token classification and disclosures, but its practical value may depend on clearer definitions, coordinated agencies and revisions after launch.

Senators Thom Tillis and Ruben Gallego are said to have finalized an approach to the crypto Clarity Act’s disputed ethics section, though details remain undisclosed. The compromise could determine whether the broader digital asset market structure bill can gather enough support before the Senate’s August recess.

The White House is urging Senate Democrats to accept a proposed ethics provision in the Digital Asset Market Clarity Act, describing it as historically broad. Democrats remain cautious because the details of President Donald Trump’s reported concession have not yet been shared with them.

Polymarket traders now assign the CLARITY Act a 32% chance of passing by the stated deadline, the lowest level since the market opened in January. Senate negotiations remain stuck on bipartisan ethics language, even as crypto executives press Congress for clear SEC and CFTC boundaries.

The U.S. Senate approved a nonbinding resolution stating that Sam Bankman-Fried should under no circumstances receive a presidential pardon or commutation. The move highlights continued bipartisan anger over FTX’s collapse, customer losses exceeding $8 billion, and one of the most infamous fraud cases in crypto history.