It happened recently after rejoining a few clan mates for Grandmaster Nightfall. I am unable to read clan chat, local chat, team chat, and especially fireteam chat unless the Profanity Filter is set to on. I hope this can be resolved. My NAT is currently on Moderate.
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I started experiencing the same issue where you can't see chat. You can send it (others can see it) but you can not. It appears to be an issue with the recent July 21st Steam Client Beta. Once I left the beta it worked again so I recommenced trying that while either Bungie or Steam resolves the issue. The update specifically says "Updated localization and text filtering data" so Bungie will likely need to update the game
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Bump Same issue, kinda annoying.