Trump pushes CLARITY Act as Senate vote nears with 38% passage odds

President Donald Trump will meet senators Thursday to push the CLARITY Act before the August recess as Ripple warns a no vote hurts consumers.

President Donald Trump will meet senators at the White House on Thursday to review progress on the CLARITY Act, the crypto market structure bill that cleared the House 294-134 last July but needs 60 votes to pass the Senate floor before the August recess.

"A vote against the Clarity Act is a vote to leave the same unregulated conditions in place to be exploited by bad actors. We've seen this movie. Let's not watch the sequel," Stuart Alderoty, chief legal officer at Ripple, said.

The Senate Banking Committee advanced the bill 15-9 in May, with only two Democrats — Ruben Gallego and Angela Alsobrooks — backing it. Senate Majority Leader John Thune wants a floor vote before the work period ends Aug. 7. Sen. Thom Tillis signaled negotiators are close, telling Politico he hopes for an agreement by the end of this week.

The ethics provision remains the biggest obstacle. Trump's annual disclosure listed $635 million in meme coin royalties and roughly $515 million from World Liberty Financial token sales. Democrats want limits on officials holding crypto business interests before they supply the missing votes. Polymarket traders price passage at only 38% in 2026, suggesting waning confidence as the countdown continues.

Ripple Frames the Stakes

Ripple's stake in the outcome is personal. The company fought the Securities and Exchange Commission for four years over XRP's legal status, a case that became a flashpoint for the industry's demand for clearer rules. Lauren Belive, Ripple's global public policy co-head, argued that with the delay, the regulatory gaps behind FTX's collapse remain open. The bill would hand the SEC and Commodity Futures Trading Commission shared jurisdiction and require oversight before tokens reach the market, creating a pre-market review process that does not exist today.

Opposition persists on both sides. Sens. Elizabeth Warren and Chris Van Hollen say the draft weakens consumer protections rather than adding them, arguing the bill strips the SEC of enforcement authority over crypto assets. Separately, 78 banking groups pushed to rewrite the stablecoin yield rules, while law enforcement opposition eased on Section 604, which limits developer liability for third-party uses of blockchain software.

What Happens Next

Sen. Cynthia Lummis, a lead architect of the bill, said a revised draft could circulate soon, with ethics language possibly bracketed for later consideration. Sen. Bernie Moreno told Politico that senators will update the president on Thursday afternoon. Trump has already pushed the CLARITY Act publicly, even as a shrinking Senate window raises the stakes. Thursday's meeting will show whether an ethics compromise revives the bill's odds before the clock runs out.

This article is for informational purposes only and does not constitute investment advice.