Solana Foundation's Lily Liu: The CLARITY Act will cement US leadership in capital markets

Solana Foundation president Lily Liu commented on CNBC on the newest draft of the CLARITY Act, circulated among crypto industry representatives on July 22. She said the bill lays the groundwork for a durable legislative framework for blockchain, cryptocurrencies, and digital assets.

“The CLARITY Act finally paves the way for a durable legislative framework for blockchain, for crypto, for digital assets. It will cement the US's role as the leader of global capital markets.”

— Lily Liu, President of the Solana Foundation

Quote source: @SolanaFndn on X, citing a CNBC appearance.

What's new in this draft

The new draft adds hundreds of pages of consumer- and investor-protection provisions for digital assets. The key change is that the ethics clause restricting the president and senior officials from crypto business dealings is now temporary — running through 2029, with the Department of Justice overseeing enforcement. Critics say this waters down what was originally meant to be a permanent restriction.

What comes next

Senate Majority Leader John Thune wants a vote before the summer recess, leaving a realistic window through the first week of August. Passage needs 60 votes, including at least 10 Democrats. Other senators have been fighting over the bill's exact wording too — see our coverage of the ongoing ethics-clause fight for more.

This piece is informational, not a recommendation to buy, sell, or hold any asset.