A key bill once seen as crypto's best chances for regulatory clarity is running into a new problem. Lawmakers, regulators and crypto firms broadly agree that the U.S. needs clearer rules for
A key bill once seen as crypto's best chances for regulatory clarity is running into a new problem.
Lawmakers, regulators and crypto firms broadly agree that the U.S. needs clearer rules for digital assets.
But with Congress facing a shrinking legislative calendar, some are becoming less confident that a deal can reach President Donald Trump's desk this year.
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Galaxy Digital has lowered its estimate for the CLARITY Act becoming law in 2026 from 75% to 60%, citing a narrowing legislative window and unresolved negotiations.
In a June 6 research note, Galaxy head of research Alex Thorn said the Senate must move on the legislation before its August recess, warning that "after that, the window effectively closes."
The timing matters because lawmakers leave Washington for a month-long recess in late July, after which attention typically shifts toward the 2026 midterm election campaign.
Historically, major legislation becomes more difficult to pass once campaign season begins.
The Senate Banking and Agriculture Committees have already advanced separate versions of the bill. However, the legislation still requires a Senate floor vote, an amendment process, reconciliation between committee versions and House approval of any final changes.
As concerns grow over whether Congress can finish the job, some of the industry's biggest companies are ramping up pressure on lawmakers.
More than 200 crypto companies and industry organizations recently signed a letter urging the Senate Banking Committee to advance market structure legislation.
The coalition included Coinbase, Ripple, Kraken, Circle, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital and more.
The group wants clearer rules on which crypto activities are overseen by the SEC (Securities and Exchange Commission) and which fall under the CFTC (Commodity Futures Trading Commission). It is also pushing for protections for developers who build non-custodial crypto software, meaning they do not control users' funds.
The coalition wants simpler disclosure requirements for crypto companies and a single federal framework instead of the current patchwork of state-by-state regulations.
The effort has drawn support from both industry leaders and lawmakers. Treasury Secretary Scott Bessent has publicly endorsed the CLARITY Act and argued that regulatory certainty would provide confidence to financial markets.
Bessent has repeatedly urged lawmakers to move quickly, saying clear rules could help strengthen U.S. leadership in digital assets.
Senator Cynthia Lummis has also continued publicly advocating for the legislation.
On June 8, she wrote: "The Clarity Act passed committee. The floor is next. We did not come this far to quit at the 5 yard line."
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