The CLARITY Act did not meet the July 4 signing target that White House crypto adviser Patrick Witt had discussed earlier this year, shifting attention to Aug. 7, the Senate’s last session date before the summer recess. Senate staff are still reconciling different committee versions while lawmakers try to line up enough support for a floor vote before the congressional calendar is overtaken by midterm campaigning.
Senate staff are combining committee texts into one bill
The House has already passed the CLARITY Act, and the Senate Banking Committee approved its own version earlier this year. The measure is now waiting for staff to merge the Banking Committee and Agriculture Committee texts into a single proposal before it can move to the full Senate. Senator Bill Hagerty recently outlined a Senate roadmap that revived expectations for final text before lawmakers leave town. Bloomberg Intelligence has estimated the bill has about a 60% chance of passing this month.
The path still runs through a 60-vote threshold
Vote counting remains the central hurdle. According to crypto.news, the bill will likely need 60 votes to advance, which makes bipartisan backing necessary. Senator Cynthia Lummis has also pressed lawmakers to keep the effort moving, saying the legislation would “lay the foundation for the financial services of the 21st century” and urging Congress to finish the job.
The schedule is still not locked in. TD Cowen said the timeline remains uncertain ahead of the November midterm election. The firm pointed to ethics provisions, anti-money laundering issues, and political negotiations as factors that could slow Senate action.
The bill would split oversight between the SEC and CFTC
On substance, the CLARITY Act would divide digital asset oversight between the SEC and the CFTC. It also includes exchange safeguards, protections for customer funds, and funding for crypto fraud investigations. Attention has remained on Section 604, which covers some non-custodial developers and software providers. Supporters say the language protects developers who never control customer funds, while critics are still examining how far the section extends.
Law enforcement groups have shifted or clarified their stance
Outside groups have also shaped the debate. The Major County Sheriffs of America withdrew its objection to the decentralized finance section and moved to a neutral position, though it asked for more input from state and local law enforcement agencies. The National Organization of Black Law Enforcement Executives endorsed the bill and said several provisions would support law enforcement while preserving existing criminal enforcement authority. The next major step is whether the Senate schedules floor action before Aug. 7.