Time is tightening for the CLARITY Act as lawmakers, industry leaders, and policy advocates push for Senate action before the August recess. On June 1, Adam Minehardt, Member of U.S. Congress and CPO at Hyperliquid Policy Center, said the Senate has 34 session days remaining before its summer break, while several legislative hurdles still stand between the bill and a floor vote.
Banking Committee Portion Advances with Bipartisan Support
According to Minehardt, the Senate Banking Committee has already approved its portion of the legislation with bipartisan support. He described that step as a major milestone as lawmakers work toward the next phase. The focus now shifts to combining the Banking Committee language with the Senate Agriculture Committee's section. Lawmakers are targeting the week after July 4 for floor consideration.
Ethics Restrictions and Developer Protections Still Under Negotiation
However, several issues remain unresolved. Negotiators continue discussing ethics provisions aimed at restricting government officials from owning digital assets. At the same time, debate continues around developer protections. Minehardt said lawmakers must preserve safeguards that prevent software developers from facing criminal liability for how others use their products.
Industry Leaders Push for Speed: 'June Is Clarity Month'
As lawmakers work through those issues, industry participants continue urging Congress to move quickly. Galaxy Digital CEO Mike Novogratz summarized the urgency, stating, 'June is Clarity month. It's literally now or never.' Senator Cynthia Lummis warned that delays could carry significant consequences for digital asset legislation. According to Lummis, other jurisdictions could establish regulatory standards if the United States fails to act. Lummis also argued that developers remain without legal protections while law enforcement lacks certain enforcement tools. She said the CLARITY Act addresses both concerns. Additionally, Lummis connected the legislation to President Donald Trump's digital asset policies and called for lawmakers to move the bipartisan bill forward.
Schedule Conflicts: Reconciliation and FISA Compete for Floor Time
Despite momentum, scheduling pressures continue to build. Senate Majority Leader John Thune recently told Republican lawmakers that reconciliation work remains unfinished. According to Punchbowl News reporter Jake Sherman, the Senate left for June without completing that package. Consequently, the CLARITY Act now faces competition for floor time. Crypto journalist Eleanor Terrett noted that reconciliation negotiations, FISA matters, and a House-passed housing package also require Senate attention. She added that lawmakers have only four working weeks in June and three in July before the August recess. Earlier, on May 14, the Senate advanced the legislation with a bipartisan 15-9 committee vote.