CLARITY Act Update for XRP Holders: Senator Lummis States What Will Happen If the Bill Fails

The CLARITY Act, a landmark crypto bill, sits days from a Senate vote. One man’s balance sheet may determine its fate. Crypto trader and analyst Merlijn The Trader (@MerlijnTrader) recently highlighted a warning from Senator Cynthia Lummis that if the CLARITY Act fails, crypto regulation will wait until 2030.

At the same time, Senator Elizabeth Warren has set a July 23 deadline for President Trump to disclose his crypto earnings, further complicating the process.

Years of regulatory limbo, Merlijn argues, now hinge on a procedural fight over Trump’s finances. He argues that the bill is not failing on merit. It is failing because of politics.

🇺🇸 LUMMIS: IF THIS FAILS, CRYPTO WAITS UNTIL 2030

The CLARITY Act is days from a vote.

Warren just demanded Trump disclose every dollar
of crypto earnings before the debate.
Deadline: July 23.

Years of regulatory limbo now hang on one
procedural fight over one man's balance…

— Merlijn The Trader (@MerlijnTrader) July 18, 2026

Lummis’ Comments on Squawk Box

Lummis appeared on Squawk Box in June to push back against JPMorgan CEO Jamie Dimon, who raised concerns about the bill’s anti-money laundering provisions. She called his remarks distasteful and said the bill contains 16 to 17 direct references to the Bank Secrecy Act and AML requirements.

Her 2030 warning was central. If the bill misses the current Senate window, the 2026 election calendar compresses available floor time to near zero. A new Congress of unknown composition takes over after the midterms. The process starts from zero.

Warren’s Disclosure Deadline

Warren sent a letter to Trump on July 16 demanding a voluntary financial disclosure covering his crypto income from January 1 through July 15, with a July 23 deadline. Trump’s 2025 annual disclosure revealed approximately $1.4 billion in crypto-related income tied to the official TRUMP meme coin and World Liberty Financial.

Warren argued that Trump’s disclosure raises serious questions about elected officials profiting from an industry whose value could be directly boosted by the very legislation they are debating.

The Democratic Position

Democrats are not simply asking for more disclosure. Several have made clear they want outright restrictions written into the bill itself. Senator Chris Murphy, Chris Van Hollen, and Jeff Merkley have formally opposed the bill. Senator Adam Schiff has said the CLARITY Act must prevent Trump and his family from profiting from cryptocurrencies.

Republicans argue ethics provisions belong in separate legislation and that attaching them to the CLARITY Act will kill its chances. Some of these provisions were voted down when the bill passed the Senate Banking Committee.

The Clock is Ticking

The Senate leaves for August recess on August 7. A defense spending bill competes for floor time. Merlijn noted that the CLARITY Act is not losing a policy debate. It is caught in a conflict over one administration’s financial interests. Whether that conflict costs crypto an entire decade of regulatory certainty is now a question of the next two weeks.