The CLARITY Act, the digital asset market structure bill the crypto industry has been waiting on all year, is not going to pass in 2026, according to Dan Dolev, Managing Director and Senior A
The CLARITY Act, the digital asset market structure bill the crypto industry has been waiting on all year, is not going to pass in 2026, according to Dan Dolev, Managing Director and Senior Analyst at Mizuho, one of Japan's three "mega-banks".
Speaking on Bloomberg's 'The Close' on August 3, Dolev said his firm's experts believe "this year it's off the table" for the legislation, though he still expects it to become law eventually.
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"I think this year it's off the table," Dolev said, noting that with August already underway, his firm's experts believe passage will happen eventually, just not this year.
Dolev's call lines up with where the CLARITY Act sits in Congress. The bill would create a federal rulebook for issuing, trading, and holding digital assets, splitting oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
It passed the House in July 2025 and cleared the Senate Banking Committee in May 2026, but has not yet reached a full Senate floor vote. As of this week, the bill remains roughly seven votes short in the Senate, with no cloture vote scheduled.
The Senate is set to begin its summer recess on August 8, leaving lawmakers only a handful of legislative days to act before then.
If they don't, the bill's next realistic window narrows to about four weeks of business once the Senate returns in September.
The stalled timeline has drawn concern from other major financial institutions.
In a July 29 research note led by Nikolaos Panigirtzoglou, JPMorgan analysts warned that the longer the Senate delays the CLARITY Act, the greater the risk to public blockchain networks. Tokenization and blockchain-based applications could end up being absorbed by incumbent market infrastructure instead, rather than accruing to those open networks.
The bank argued that continued regulatory uncertainty could push institutions to build tokenized products within existing financial systems, rather than on public blockchains.
Fidelity has also pushed publicly for the bill's passage, writing on X on July 24 that the Senate should pass the CLARITY Act now, since clear rules of the road are essential to strengthening investor confidence and reinforcing U.S. leadership in digital asset markets.
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