CoinDesk commented that the United States Encrypted Market Structure Act, Clarity Act, was still pending, but that the time left for Congress had been significantly tightened. With the beginning of July and the coming summer recess of the National Assembly, the next few weeks will be more critical if the bill is to complete its legislation before the mid-2026 elections.

The Senate is still coordinating behind the scenes.

According to several sources who cited the progress of the negotiations, the parties remained optimistic about the passage of the bill during the past week. One of the reasons for this is that the most important work at the present time has taken place mainly behind the scenes, including coordination between the Senate Committee on Agriculture and the Committee on Banking.

According to an informed source, the process itself may not be long after the Senate has entered the public debate and voting phase. As currently judged, the Senate may need only a few days to complete the closing of the debate and move the vote forward. If passed by the Senate, the time required for the Chamber of Deputies to vote would not, in theory, be too long.

Trump's disclosure led to an ethical controversy.

Last week, United States President Trump filed a financial disclosure for 2025. The document shows that he earned about $2 billion last year, of which about $1.4 billion was related to encryption operations, including from the M.I.C. royalties, the sale of World Liberty Financial coins and the sale of proceeds to the relevant buyer in Abu Dhabi.

The disclosure documents also show that Trump holds over $100 million in multiple encrypted assets and a small share of companies such as Corewave. Subsequently, Elizabeth Warren, Senior Democratic Member of the Senate Banking Commission, publicly requested the inclusion of an ethical clause in the Clarity Act that would limit the benefits of the encryption industry to the President, Vice-President, senior executives, members of Parliament and their families.

Senator Ruben Gallego has also indicated on social platforms that it will contribute to countering the encryption interests of Trump. Although Gallego had previously supported the continuation of the bill at the Committee stage, he had already expressed the view that the absence of an “enforceable ethical standard” in the bill did not guarantee a vote in favour of the Senate as a whole.

The House's procedural risks remain.

In addition to the Senate negotiations, the stagnation of proceedings in the Chamber of Deputies is a real obstacle to the bill. It was mentioned that the House of Representatives had recently advanced in difficult procedural issues and that many United States political media had described the current apparent stalemate in the House.

This means that, even if the Senate completes the harmonization of texts and adopts the bill, there is uncertainty as to whether the Chamber of Deputies will follow up successfully. The article also mentioned that Trump had not signed the other cross-party bills that had been passed by Congress in time, and had raised questions about whether it would sign the Clarity Act in the future.

The next point of concern is August 7th, 2026. This is the last day before the Senate recess of this summer. While the National Assembly will return briefly in September, other priorities, such as the National Defence Authorization Bill, will be addressed. According to the article, if Clarity Act does not make it before the mid-term election, if the post-election parliamentary pattern changes, the content of the bill may face a rewriting and the difficulty of moving forward in its current version increases.