Republican senators are intensifying efforts to pass the Digital Asset Market Clarity Act before the Senate breaks for August recess. The bill needs Democratic support to reach the required 60 votes. Galaxy Digital has lowered its odds of passage this year to 50 percent.
Senate Majority Leader John Thune is considering bringing the measure to the floor in July. Banking Committee Chairman Tim Scott posted on Monday that the Senate should vote on crypto market structure legislation that month.
The White House has invited law enforcement groups to a meeting to address objections over the bill's illicit-finance provisions, particularly section 604 of the Blockchain Regulatory Certainty Act. Groups such as the National Sheriffs Association have raised concerns about exemptions for developers.
JPMorgan executives urged lawmakers in a blog post to pair regulatory clarity with strong safeguards for stablecoins and digital assets that function like securities. The bank argued that products resembling bank deposits must follow capital, liquidity and consumer-protection rules.
President Donald Trump's demand to link a housing bill to the SAVE Act has added pressure on the Senate schedule. Industry groups remain optimistic about a July vote, though analysts note that failure to act before recess would sharply reduce chances of enactment this year.
