US crypto market-structure legislation appears to be nearing a potential Senate vote, as lawmakers race to finalize the remaining sticking points before the August work break. Summer Mersinger, CEO of the Blockchain Association and a former commissioner at the US Commodity Futures Trading Commission (CFTC), told attendees at the Injective Summit in Washington, DC, that the Digital Asset Market Clarity (CLARITY) Act is “very close” on the main language and could reach the Senate floor as soon as next week—if an ethics agreement can be reached.

In a sign of how political and governance questions are driving the timeline, Mersinger said “ethics is the big elephant in the room,” pointing to ongoing discussions involving Republican…