Major CLARITY Act Update for XRP Holders from Ex-Fox Business Journalist Eleanor Terrett

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The CLARITY Act is moving through one of its most consequential stretches yet. The bill, which cleared the Senate Banking Committee in May, now sits one step from a full Senate vote. Eleanor Terrett, a former Fox Business journalist, recently outlined the latest development on the matter.

Updated Text and Ethics Talks

Terrett reported that updated CLARITY Act text could drop soon. Industry sources told her that negotiators are also preparing for the bill to slip later in the week if ethics negotiations continue to stall.

She then noted that Senator Cynthia Lummis gave insight into those negotiations during an interview on Fox. Lummis suggested requiring public officials with crypto holdings to use blind trusts. She also said she plans to oppose a proposal that would allow state attorneys general to sue the Justice Department to enforce ethics rules.

Banks Push Back on Stablecoin Yield

The stablecoin yield dispute has been the bill’s primary obstacle in the Senate, with banks arguing that yield-bearing stablecoins could draw deposits away from the traditional banking system. Tillis stated that if banks still oppose the bill after such a provision is included, their concerns about deposit flight may have been a red herring.

Law Enforcement Divided

White House Loses Key Negotiator

XRP holders are watching these events because a Senate floor vote before the August recess is widely seen as the last viable window before the campaign season effectively closes the legislative calendar. Crypto Council Deputy Director Harry Y. Jung is expected to assume Witt’s responsibilities.

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