Trump met several senators in the White House the same day to discuss the United States Encrypted Market Structure Bill, Clarity Act. The Senate had little time left to adjourn in August, and the Republican party hoped that the revised draft would be ready for a vote as soon as possible, but the ethical provisions had not yet been agreed.

The White House was involved in the final consultation.

Senator Bernie Moreno, who participated in the negotiations, stated that the meeting with Trump would discuss the whole bill and its way forward in Congress, not just a single article. Senator Cynthia Loomis, one of the main drafters of the bill, is also expected to attend.

The meeting meant that the White House had entered the final phase of the Senate consultations. Trump had previously supported encryption legislation at the federal level and urged Congress to move the bill forward. The Senate also expects to discuss the remaining differences, the revised timetable and the number of votes required for voting.

The core elements of the bill include the delineation of the regulatory powers of the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets, and the setting of information disclosure requirements for issuers of digital assets, as well as the retention of anti-fraud enforcement powers at the federal level.

Ethical provisions still pending

The biggest outstanding issue at present is how to limit government officials with financial links to the encryption industry. Senate Democrats have called for more explicit safeguards to focus on the potential conflict of interest arising from the trump-related encryption.

Lumis indicated that the Senator was considering two approaches: first, the publication of a revised text with a note indicating that ethical provisions would be added at a later stage; and, secondly, the publication of the full text once the relevant language had been finalized. The type of programme adopted will have a direct impact on whether the revised version will be available as soon as possible.

Since the Republican party has 53 seats in the Senate and the procedural threshold requires 60 votes, the bill still needs to be supported by some Democrats if it is to move forward. This has also made ethical provisions the focus of current negotiations.

The Senate will vote before the recess.

John Tun, leader of the Senate majority party, hopes to consider the bill within the current working cycle. The Senate calendar will continue until 7 August, after which the members will be adjourned in the summer. Tuun indicated that the Senate would vote on the bill at a certain point, even if the two parties had not yet reached full agreement.

Senator Tom Tilis also stated that the negotiators were trying to reach an agreement by the end of the week because the court time left for the bill before the recess was already limited. As the electoral campaign warms, the difficulty of adopting major bills later this year may further increase.

However, the market ' s confidence in landings within the year of the bill is forecast to have receded. According to Polymarket, the probability of Clarity Act becoming law in 2026 has dropped to 38 per cent, a decrease of 27 per cent compared to the previous period.

Additional information:The next step will continue to be when the Senate revision will be published. Meanwhile, the United States House of Representatives Financial Services Commission will hold a field hearing on the bill in New York on 17 July to discuss its role in digital asset regulation.