Senator Cynthia Lummis is pushing for immediate cryptocurrency sanctions against Iran and North Korea while a new draft of the Digital Asset Market Clarity Act could be released as early as next week. Lummis emphasized Section 303, which would enable sanctions targeting Iran, and Section 305, empowering exchanges to intercept illicit funds bound for North Korea.
The merged bill from the Senate Banking and Agriculture committees, reportedly over 70 pages with new consumer protection provisions, still lacks the 60 votes needed to pass. The main hurdle remains a Democratic demand for ethics rules that would restrict government officials—including the president—from holding business ties to the crypto sector. Three additional unresolved issues include non-custodial developer protections under the Blockchain Regulatory Certainty Act, AML exemptions in Section 604, and whether platforms like Coinbase can offer rewards on stablecoin holdings.
CFTC Chair Michael Selig warned that if Congress does not act, regulators will write the rules themselves. With the Senate returning from recess July 14, a floor vote is possible the week of July 20, but the bill would still need House approval and the president’s signature. Lummis called this "likely our last chance to get real legislation for digital assets before 2030." The overall crypto market edged up 1% to roughly $2.2 trillion as discussions intensified.
