CLARITY Act stalls in the Senate as the July 4 deadline passes
The crypto market-structure bill sits on the Senate calendar with no floor vote scheduled and no cloture motion filed. Passage odds have slipped to roughly 43%.
The CLARITY Act — the digital-asset market-structure bill the industry has been counting on — passed America's 250th birthday on July 4 still stuck on the Senate Legislative Calendar, with no floor vote scheduled and no cloture motion filed.
The bill cleared the Senate Banking Committee 15-9 on May 14, with all 13 Republicans joined by two Democrats — Ruben Gallego of Arizona and Angela Alsobrooks of Maryland — both of whom attached conditions to any floor support. A revised version was published on June 1 and placed on the calendar under General Orders.
The math is tight. Republicans hold 53 seats, and Senators Josh Hawley and Rand Paul are expected to vote no on substantive grounds, leaving the bill dependent on Democrats who have not committed. Three disputes remain unresolved: ethics disclosures covering government officials' ties to the crypto industry, stablecoin yield rules, and liability protections for DeFi developers.
Prediction-market odds of passage in 2026 have fallen to about 43%, and the path before the August recess is narrowing. Regulatory uncertainty has been one of the recurring drags cited for crypto's brutal first half.