Only 27% of K Street leaders believe Congress will pass the CLARITY Act, the US crypto market structure bill, before 2028, according to the latest Canvass survey from Punchbowl News. A larger
Only 27% of K Street leaders believe Congress will pass the CLARITY Act, the US crypto market structure bill, before 2028, according to the latest Canvass survey from Punchbowl News.
A larger group, 48%, said it was unlikely the bill would advance, Punchbowl reported. The survey, published on November 1, points to low expectations among Washington lobbyists and policy professionals for crypto legislation in the next session of Congress.
The doubt is shared across party lines. Punchbowl found that 29% of Democrats on K Street said it was likely that crypto market structure reforms would be enacted in the 120th Congress, compared with 27% of Republicans. Punchbowl said the numbers for those who see passage as unlikely were nearly identical for both parties.
Punchbowl said K Street was reacting mainly to the prospect of a split government after the midterm elections. Some lawmakers have suggested bipartisan crypto legislation could still be possible in that environment, but the outlet said it was doubtful, noting the bill had faced significant problems in the 119th Congress even when Republicans held unified control of government.
The latest reading is lower than earlier in the year. After the Senate Banking Committee markup, Punchbowl's Canvass found that one-third (33%) of K Street leaders thought the bill was likely to pass both chambers this year.
The CLARITY Act passed the House on July 17, 2025, by a vote of 294 to 134, according to law firm Latham & Watkins' US crypto policy tracker. The Senate Banking Committee advanced it 15 to 9 on May 14, 2026.
The bill then stalled on the Senate floor. According to law firm DLA Piper, the Senate failed to advance the bill on September 15, 2026, which it said nearly eliminated the possibility that a digital asset market structure bill would be enacted this year. Sumsub's guide to the bill reports the procedural vote was 49 in favor and 50 against, short of the 60 votes needed to proceed.
A filing for a Winklevoss Zcash ETF with the US Securities and Exchange Commission notes that legislation not enacted during the 119th Congress generally has to be reintroduced when the 120th Congress convenes in January 2027, with no assurance that the CLARITY Act or similar legislation will become law.
As proposed, the bill would divide oversight of digital assets between the SEC and the CFTC, according to Sumsub. Passage would settle long-running questions over how digital assets are classified and supervised in the US.
Punchbowl News: Clarity Act outlook bleak in 120th session
