BlockBeats News, July 27th: The US Senate Republican Party plans to push the "CLARITY Act" into formal consideration this week, with Senate Majority Leader John Thune hoping to advance the bill before the August recess.

According to the schedule, Republicans may first bring a motion to proceed to a vote, a process that requires the support of 60 senators to move forward. However, there is currently a gap to reach the 60-vote threshold, with Democratic support being key.

Earlier, seven Democratic senators stated that the latest version of the CLARITY Act is still "not perfect" in terms of ethical provisions, illicit finance oversight, and conflict of interest rules. Republicans are negotiating with Democrats, attempting to modify the relevant provisions to garner bipartisan support.

Furthermore, there are also uncertainties within the Republican Party. With a limited Senate majority and the expected absence of Mitch McConnell, the attitudes of Republican senators like Josh Hawley and Rand Paul, who previously opposed the GENIUS Act, remain of concern.

Meanwhile, US SEC Commissioner Hester Peirce warned that moving traditional financial products onto the blockchain does not automatically circumvent securities regulation. She stated that certain income-generating Vault products in the crypto industry, if actively managed by a third party, may resemble investment funds and need to comply with securities law requirements.

Peirce pointed out that the SEC does not regulate developers writing code itself, but companies cannot assume that different regulatory rules apply just because their business is deployed on the blockchain. She suggested that relevant projects seek legal advice early in the product design phase and engage with regulatory agencies.