Senator Bernie Moreno and key supporters like Senator Cynthia Lummis are set to brief the president on the bill's path to a floor vote. The legislation seeks to divide regulatory authority between the Commodity Futures Trading Commission and the Securities and Exchange Commission, creating a framework intended to prevent the kind of misconduct that led to the FTX failure. Senator Thom Tillis remains optimistic that a resolution regarding contentious ethics provisions could be reached by the end of the week.
Ripple’s chief legal officer, Stuart Alderoty, has been vocal about the risks of inaction, characterizing a failed vote as a preservation of the exact regulatory gaps exploited during the FTX crisis. While the industry pushes for clarity, market confidence is wavering; Polymarket traders have pegged the odds of the bill becoming law in 2026 at approximately 36%. With the August recess looming, the House Financial Services Committee is concurrently hosting hearings to examine how the legislation might bolster U.S. blockchain innovation and address proposals for a strategic Bitcoin reserve.
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