A key Senate Republican said on 6 Aug he still expects to hold a vote on the CLARITY Act before lawmakers leave for recess, keeping alive hopes that the bill could still pass, even as an industry expert said regulators and companies will continue moving forward either way.
Top Republican Says CLARITY Vote Coming; WisdomTree Sees Crypto Thriving Regardless
6 August 2026 - 19:33 UTC
By Jona Jaupi
Senate Banking Committee Chairman Tim Scott told Fox News a vote on the legislation is coming "without any question" and suggested lawmakers could remain in Washington beyond the Senate's scheduled 7 Aug recess, if needed.
The comments come as the ethics debate over the CLARITY Act, which would divide oversight of cryptocurrencies between the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), has entered a critical stage. Democrats have been pushing for tougher ethics provisions while Republicans argue that the current language is enough.
As the same time, experts have been contemplating the bill's passage, noting that while CLARITY would accelerate institutional adoption by providing clear rules, regulators are prepared to keep building the framework through federal agencies even if Congress misses the deadline.
WisdomTree still sees path forward
Ryan Louvar, chief legal officer and head of business and legal affairs for digital assets at WisdomTree, told Sandmark in an interview he believes there is still a path forward.
"I'm still holding out a little bit of optimism," Louvar said. "I don't know that the fate has necessarily been sealed yet."
He noted the bill is competing with other priorities, including government funding and presidential nominations, but the ethics provisions remain the biggest hurdle. The latest version would stop the president, members of Congress and certain other senior officials, along with some family members, from issuing or sponsoring digital assets while in office.
The push for stronger ethics rules follows increased scrutiny of President Donald Trump's crypto business interests. In July, New York Attorney General Letitia James urged lawmakers to introduce stricter conflict-of-interest protections, citing Trump's disclosure that his crypto ventures generated $1.4bn in income in 2025.
Louvar said expanding that language could help win enough Democratic support for the bill. "If the president and the Republicans were to broaden that language, I think we could get there," he said.
Industry preparing either way
However, even if Congress does not pass CLARITY before recess, Louvar said he expects the crypto industry to keep moving forward.
"We've been able to innovate under the current rule set," Louvar said. "I think the industry is going to be on a growth trajectory regardless, but I think that growth trajectory is even steeper with CLARITY passage."
He said he expects the SEC and CFTC to continue developing rules for the industry regardless of whether the bill passes. Those rules could give many financial institutions enough certainty to enter the market, although legislation would provide a stronger and longer-lasting framework.
"I think we're still going to come out in a good spot," Louvar said. "It'll be slightly more constrained, but still very robust, even without CLARITY."
Louvar said WisdomTree's plans have not changed because of the uncertainty. The asset manager recently filed for a tokenized exchange-traded fund and is continuing to work with the SEC on the proposal, which he said can move forward under the current regulatory framework.
If the Senate passes the bill before recess, lawmakers will still need to work out differences with the House version before sending it to Trump to sign into law.
