The U.S. Senate plans to advance the full Senate review of the CLARITY Act on July 20

According to The Hill, the Clarity Act, which provides a regulatory framework for the digital asset industry, is facing a critical legislative window. Bipartisan negotiations in the U.S. have yet to reach an agreement on key issues such as government officials' ethical rules and illicit finance.

If the bill fails to advance before the August recess, there will be almost no time window before the midterm elections, which could cause the legislative process to return to square one.

Currently, the Republican leadership aims to push for consideration during the week of July 20, but at least 7 Democratic senators' support is needed for it to pass.