President Donald Trump convened a targeted White House meeting with key crypto players on Thursday. Attendees included Sen. Bernie Moreno, Sen. Cynthia Lummis, Chair of the Senate Digital Assets and Banking Subcommittee, White House Cryptocurrency Advisor Patrick Witt, Susie Wiles, and Kristin Smith, Director of the Solana Policy Institute. This meeting had one purpose. It is to resolve a conflict of interest impasse that is preventing the Digital Asset Market Clarity Act from being voted on by the full Senate before the August recess.
There’s a reason everyone is paying attention to today’s White House meeting.
The CLARITY method is not about picking winners between Bitcoin, Ethereum, and XRP.
It is about creating a legal framework that will determine how digital asset markets will operate in the United States for years to come.
Clear… pic.twitter.com/diZ26U7cZe
— Alec (@alecweb3) July 17, 2026
This is not just a scheduling issue. This is a structural conflict between President Trump’s personal financial entanglements in the crypto regulatory ecosystem and the statutory language that Senate Democrats have set as a minimum vote requirement, without which Republicans cannot pass the 60-vote closing threshold.
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CLARITY Act News: Ethics Code and why seven Democratic votes are a ceiling, not a floor.
At least seven votes from Democrats are needed to shut down the Senate, but that calculation is locked in on an unresolved issue: enforceable conflict of interest rules covering the president, vice president and members of Congress.
In financial filings earlier this month, President Trump disclosed more than $1 billion in crypto-related revenue, about $594 million from World Liberty Financial, a cryptocurrency company he launched with his sons in 2024, and $635 million from the sale of meme coins.
A group of Senate Democrats, including Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin and Ron Wyden, said after the filings that the revelations had heightened concerns that the president was pushing Congress to pass crypto legislation in support of the very industry he benefits from.
The Senate Banking Committee had already failed to pass an amendment barring government officials from maintaining business relationships with the cryptocurrency industry after raising interest rates in May, with Republicans blocking it on procedural grounds.
Kristin Smith of the Solana Institute for Policy Studies, who attended Thursday’s meeting, said the meeting was aimed at proposing ideas on ethical issues, and it was important to pass the bill. Sen. Moreno told Politico that the discussion will cover the “entirety” of the bill, including updates on President Trump and the bill’s “path to success.”
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Senate Timeline: Three Weeks of Work and a Crowded Floor Calendar
The Senate returned from its Fourth of July recess on July 13, leaving about three weeks to work before the August recess begins around August 10. Sen. Lummis told FOX Business Wednesday that he expects the CLARITY Act to be voted on the Senate floor sometime next week, calling this window important and saying, “We plan to introduce it in the next few days.”
The bill has been on the Senate Legislative Calendar at No. 423 since June 1, and will be subject to a floor vote whenever Majority Leader John Thune schedules a floor vote. It would need to be reconciled with the Senate Agriculture Committee text, integrated with the House-passed version, and pass the 60-vote threshold, while competing with confirmation hearings and the National Defense Authorization Act (NDAA).
The House Financial Services Committee will begin pre-settlement groundwork on July 17 with an on-site hearing entitled “Building the Future of Finance: How the CLARITY Act Will Unleash Innovation.”
Source: Polymarket
The odds of passing are shrinking along with the calendar. As of Thursday morning, Polymarket traders predicted a 31% chance of passage of the Clarity Act this year, down from a peak of 82% in mid-February.
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