Clarity Act on the Ropes as Ethics Fight and Shrinking Calendar Threaten Passage

In brief

• Majority Leader John Thune says he doesn't expect the Clarity Act to have enough runway before the August recess.
• The main sticking point is ethics: Republicans' updated draft has been dismissed by Democrats as not a serious effort and won’t back current text.
• Crypto trade groups are pressing leadership to start the floor process anyway, but analysts and prediction markets both point to…