U.S. Senator Dave McCormick said lawmakers remain committed to advancing the Digital Asset Market CLARITY Act, describing the legislation as the next major step in establishing a comprehensive regulatory framework for cryptocurrencies in the United States.
Speaking on Fox Business’ “Mornings with Maria” on Friday, McCormick acknowledged that negotiations are still ongoing but expressed confidence that the Senate will eventually move the bill forward.
“We need to have rules of the road that give consumer protection, make sure this industry stays onshore, not offshore,” McCormick said. “We need to land this plane. And I think we’ll land this in the coming months.”
Why the CLARITY Act matters
McCormick framed the legislation as an effort to provide legal certainty for both traditional financial institutions and digital asset firms. According to the senator, the objective is to establish clear rules that protect consumers while ensuring crypto innovation remains within the United States rather than moving to overseas jurisdictions.
He said the framework is intended to create activity-based regulations that apply consistently across market participants, allowing banks and crypto companies to compete under defined regulatory standards.
Banking concerns still being negotiated
During the interview, McCormick was asked why the CLARITY Act has not yet reached the Senate floor, citing concerns from major banks that parts of the proposal could create an uneven regulatory environment. The senator described the legislation as a complex issue that requires balancing innovation with financial stability.
McCormick said lawmakers have made progress on language designed to protect bank deposits while allowing digital asset firms to operate under appropriate regulatory oversight.
“I’ve been with a number of bankers lately. I think they’re increasingly comfortable with that language, although there’s still some that are opposed,” he said.
Behind-the-scenes talks continue ahead of Senate vote
Negotiations over the CLARITY Act are continuing behind closed doors as lawmakers work toward a potential Senate floor vote after Congress returns from its July 4 recess.
According to reports, bipartisan lawmakers from the Senate Banking and Agriculture Committees are meeting to resolve remaining issues in the legislation. At the same time, Acting Attorney General Todd Blanche is engaging with law enforcement officials as the administration seeks support for the Blockchain Regulatory Certainty Act (BRCA), a key provision within the broader CLARITY Act.
The BRCA would clarify that non-custodial software developers are not legally responsible for how third parties use their software unless they knowingly intended to facilitate illegal activity. Some law enforcement organizations have raised concerns that the provision could affect investigations into illicit on-chain activity, making their feedback an important part of the ongoing negotiations as several Democratic senators continue reviewing the bill.
Hagerty backs CLARITY Act as regulatory framework
Support for the CLARITY Act has also come from Senator Bill Hagerty, who recently said the legislation would provide the regulatory certainty needed to expand the U.S. digital asset industry.
Hagerty described the bill as a key step toward creating a comprehensive framework for digital assets. He compared the effort to the GENIUS Act, arguing that clear rules helped establish a regulated framework for payment stablecoins and could similarly support broader digital asset innovation while reinforcing the United States’ leadership in financial technology.
Senate timeline remains uncertain
While expressing optimism about the bill’s prospects, McCormick indicated that additional negotiations are still needed before a floor vote can take place. He said the CLARITY Act is expected to be considered after the Senate completes work on pending housing legislation, suggesting crypto market structure remains high on the chamber’s legislative agenda.
The comments come as lawmakers continue working toward bipartisan agreement on digital asset legislation following the recent advancement of regulation. If enacted, the CLARITY Act would establish a broader regulatory framework governing the U.S. digital asset market, complementing the country’s evolving crypto policy landscape.
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