Galaxy Digital CEO Mike Novogratz said the U.S. CLARITY Act could advance in May and may reach the president’s desk by June. He made the comment while appearing alongside Anthony Scaramucci. The timeline has drawn fresh attention after Washington failed to schedule the markup hearing many in the industry had expected last week, leaving the bill with less room to move.
Committee timing is slipping as lawmakers face a tighter calendar
Novogratz said the bill will “probably get done in May,” with committee review expected soon. Still, the Senate Banking Committee did not put the anticipated April markup on its schedule. That pushed expectations into May and compressed an already narrow legislative window. Senator Cynthia Lummis warned that if action does not come soon, progress could be delayed until at least 2030.
Industry estimates remain cautious despite the June target
Novogratz outlined an aggressive path, but the broader industry is not treating passage as a certainty. Galaxy Digital head of research Alex Thorn estimated the bill has about a 50% chance of passing in 2026. He also said the odds could fall sharply if markup is pushed beyond mid-May. That split between optimism on timing and caution on probability captures the current mood around the bill.
Stablecoin yield rules remain a major source of friction
One of the clearest sticking points is the debate over stablecoin yield rules. The dispute continues to slow the legislative process, and it remains unresolved as lawmakers approach the next decision point. For crypto firms waiting on a federal framework, this is not a minor drafting issue. It is one of the questions holding up the bill’s path forward.
Novogratz ties the bill to tokenization and wider financial access
Novogratz said the legislation matters to both political parties and to the crypto sector. In his view, clearer rules could broaden access to financial systems around the world, especially for billions of people who do not have access to traditional financial products. He also pointed to tokenization as a major opportunity, saying companies such as Google and SpaceX could eventually become reachable through digital assets. That links the bill to a larger push to bring more financial activity onchain.
Bitcoin accumulation adds another layer to the policy focus
He also pointed to recent Bitcoin accumulation trends. According to Novogratz, purchases by large holders have exceeded newly mined weekly supply, tightening availability in the market. That supply pressure is unfolding at the same time lawmakers are still debating the structure of U.S. crypto rules, keeping attention fixed on whether the CLARITY Act can move before the calendar narrows again.