Woofun AI reports that Coinbase Vice Chairman Ryan VanGrack indicated the Senate is poised to unveil a new draft of the CLARITY Act following its next session, adhering to an August 7 deadline. Senator Cynthia Lummis previously confirmed the legislation will proceed to a full Senate vote in July.

VanGrack addressed criticism from JPMorgan CEO Jamie Dimon by asserting Coinbase's active role in advancing crypto regulation. Citing his background as a former SEC senior regulator, he argued the bill safeguards investors and preserves U.S. leadership in digital assets through bipartisan support.