The crypto industry's eyes are back on Washington as the U.S. Senate returns from recess on the 13th (local time). While there was high expectation for a full vote on the CLARITY bill this week, the actual schedule tells a different story. This week will be focused on releasing a consolidated draft combining the proposals from the Senate Banking and Agriculture Committees and coordinating basic procedures. The actual vote is reportedly planned for the week starting on the 20th. With the summer recess approaching on August 7th, the schedule is moving very quickly.

There are two interesting points to watch here. First, the House Financial Services Committee is holding a field hearing in New York on the 17th to pressure the Senate—a calculated move to sway public opinion and push for the bill's passage. Second is the movement of the SEC under Chair Paul Atkins. The SEC is preparing three independent regulatory proposals, including 'Regulation Crypto,' to move ahead on their own in case the bill fails. It remains to be seen whether Congress can secure regulatory leadership; we will need to keep a close eye on the tension leading up to the vote next week.

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