Multiple U.S. crypto companies and industry organizations are intensifying their lobbying efforts in the Senate, urging an immediate full chamber vote on the CLARITY Act. As Congress approaches its summer recess, the legislative window for this cryptocurrency market structure bill is narrowing.
Industry co-branded bill collection
Over 200 cryptocurrency companies and industry organizations sent a letter to Senate Majority Leader John Thune and Democratic Leader Chuck Schumer on June 9, urging that the bill be scheduled for consideration. Signatories include Stand With Crypto, Blockchain Association, Crypto Council for Innovation, and The Digital Chamber.
These organizations stated that the bill has passed the Senate Banking Committee and should now proceed to full chamber debate and advancement. They also noted that the bill will clarify the regulatory responsibilities of the SEC and CFTC, providing clearer rules for crypto businesses, investments, and jobs in the United States.
Probability has been lowered
Last week, Alex Thorn, Research Director at Galaxy Digital, lowered the probability of the bill becoming law by 2026 from 75% to 60%. He believes the bill must complete its Senate proceedings before the August recess, as the timeline would otherwise become significantly tighter.
Galaxy Digital also noted that the bill still needs to undergo full Senate debate, consideration of amendments, and coordination between different committee versions. JPMorgan also believes that as the midterm elections approach, the room for advancing the bill is shrinking.
The disagreement has not been resolved.
Currently, the rules for stablecoin yields, ethical provisions, and anti-illegal finance clauses are still under discussion. Banking groups advocate for limiting stablecoin yields, while the crypto industry seeks stronger protections for teams developing decentralized platforms.
Supporters continue to push for a vote. Senator Cynthia Lummis stated that lawmakers are addressing concerns related to ethics and anti-illicit finance. Treasury Secretary Scott Bessent, White House crypto adviser Patrick Witt, and Senate Banking Committee Chair Tim Scott have also publicly urged Congress to advance the bill.