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According to CoinDesk, Senator Cynthia Lummis said that the moral provisions and illegal finance provisions in the Clarity Act still need discussion. Lummis noted that allowing state attorneys general, based on the moral provisions, to bring criminal or private lawsuits against the covered parties is a red line for the Republican negotiating side, and the clause continued to be negotiated over the weekend. A group of Democratic senators issued a statement opposing the current version of the bill, saying it has not met the support conditions. Lummis revealed that the moral provisions apply to the president, members of Congress, senior federal judges, and their spouses. The bill needs at least 60 votes to move forward; the Senate will enter summer recess on August 7, and the voting schedule has not yet been determined.
a16z partner Chris Dixon posted in support of the CLARITY Act, saying the bill could establish a clear regulatory framework for blockchain networks and drive transparency and risk controls. Dixon noted that the stablecoin market is about $315B, and that institutions such as BlackRock, JPMorgan, Visa, and Mastercard are building out blockchain infrastructure. He said that if the CLARITY Act passes, the United States will lead the future; otherwise, innovation may shift to other countries.