The United States Senate pushed the Digital Asset Market Clarity Bill into its final sprint, but it remains unclear whether it will be able to enter the House in July. Multi-line negotiations continue around ethical constraints, the responsibility of DeFi developers, the benefits of a stable currency and the differences of the Commission.
The encryption industry is also intensifying its lobbying efforts. According to the Digital Chamber of Commerce, approximately 50 members of companies such as Hyperliquid, Elliptic and Angelage Digital will travel to Washington this week to visit the offices of up to 30 senators to get more members to support the bill in the voting process.
Trump's provisions are still pending
One of the most difficult issues at present is the provisions of the bill that restrict the business relationship between senior government officials and the encryption industry. This part of the negotiations was particularly sensitive because of the link between Tripp himself and his associated business and digital assets.
The report mentions that tripartite consultations between Senate Democrats and Republicans and the White House are still ongoing, but that the scope and details of the restrictions have not yet been made public. Previously, the White House had suggested that the restrictions should cover a wider range of government officials rather than directly targeting the President personally.
DeFi still disagrees with the revenue from the stabilization currency.
In addition to ethical provisions, there are at least three issues to be resolved, including concerns expressed by Democrats of the Senate Committee on Agriculture about commodity regulation, opposition by law enforcement authorities to the disproportionate legal protection of DeFi developers, and persistent opposition by the banking sector to mechanisms to stabilize currency gains.
Of these, DeFi negotiations focused on the BRCA clause, the section of the Act on Regulatory Determination of Block Chains. According to the source, the Democratic Senator Catherine Cortez Masto, who was involved in the negotiations, has been calling for further changes in the content of the responsibility protection of the developers. The White House had also recently convened a meeting in that regard because law enforcement agencies feared that the current draft would reduce their capacity to respond to DeFi activities.
In the banking sector, pressure continues to be exerted for greater protection, despite previous failure to prevent the design of a stabilization currency incentive from being included in the compromise version. According to the banking industry, such incentive mechanisms are similar to deposit interest and may divert traditional deposit operations. Jamie Dimon, CEO of Morgan Chase, has also publicly stated that he will continue to object.
The industry is going to vote for the Senate in July.
The lobby in favour of the bill hopes that the Senate will be able to arrange for its deliberations throughout the week of July 13. This means that there are only about two weeks left to negotiate and revise the text.
However, the Senate will then deal with such priorities as the National Defence Authorization Bill and the Agriculture Bill, with a limited agenda. Although Congress still has a lame duck session as an alternative window after the November elections, this phase is usually crowded and the results are more difficult to predict.
Cody Carbone, Chief Executive Officer of the Digital Chamber of Commerce, stated that, at present, no party had withdrawn from the negotiations, and that ethics and law enforcement concerns about BRCA remained the two most important issues to be addressed before the bill entered the Senate.