President Donald Trump has called key Republican senators to the White House to resolve disputes over the CLARITY Act, a crypto market structure bill, as Ripple warns that rejecting the legislation would leave regulatory gaps linked to the FTX collapse unaddressed. The meeting, scheduled for Thursday, comes as lawmakers push for a Senate vote before the August recess. Polymarket traders currently give the bill a 36% chance of becoming law in 2026.
White House meeting aims to break impasse
According to Politico, Trump will meet with several Republican senators to discuss the CLARITY Act and the work needed to secure a floor vote. Senator Bernie Moreno told the publication that lawmakers would brief Trump on the legislation and "its path to success." Senator Cynthia Lummis, a prominent crypto advocate, is also expected to attend.
"We'll be talking about the entirety of the bill. I mean, obviously the president's been very engaged in this bill," Moreno said. "He's the one who's really driven the innovation that I think will pay dividends."
Ethics provisions remain a key sticking point. Senator Thom Tillis expressed optimism that the White House and lawmakers could reach an agreement within days. "I'm hoping that we can come up with some agreement by the end of this week," Tillis said.
Ripple warns of FTX-like risks
Ripple chief legal officer Stuart Alderoty urged lawmakers to support the bill, arguing that a failed vote would leave the crypto industry exposed to misconduct under the current system. He linked his warning to the collapse of FTX, which left customers unable to access billions of dollars.
"We've seen this movie. Let's not watch the sequel," Alderoty wrote.
Lauren Belive, Ripple's global co-head of public policy, added that lawmakers have yet to close the loopholes that enabled past crypto failures. "The same regulatory gaps that let bad actors like FTX collapse and wipe out customer funds are still wide open today," she said.
The CLARITY Act would split authority over the crypto market between the Commodity Futures Trading Commission and the Securities and Exchange Commission. Ripple says the framework would clarify each agency's role and introduce oversight before qualifying digital assets reach the market.
Political odds fall as deadline nears
Despite the White House talks, prediction markets show growing doubt about the bill's prospects. Polymarket traders have lowered the probability of the CLARITY Act becoming law in 2026 to about 41%. Negotiations over ethics rules and the limited legislative days before the August recess have weighed on those odds. However, the planned meeting signals that Trump and Senate Republicans are still working to resolve disputes before the window closes.
Separately, the House Financial Services Committee will hold a July 17 hearing titled "Building the Future of Finance: How the CLARITY Act Unlocks Innovation." The session will examine how the legislation could support U.S. leadership in blockchain and digital assets. The committee is also expected to discuss the American Reserve Modernization Act, which concerns the proposed Strategic Bitcoin Reserve.