Galaxy Digital CEO Mike Novogratz said the U.S. crypto market structure bill known as the CLARITY Act could be signed into law by June 2025. Speaking on a podcast with Anthony Scaramucci, Novogratz laid out a timeline in which the bill could move into committee in early May and reach the president for signature the following month.
A key bill for U.S. digital asset regulation
The CLARITY Act is designed to create a broader regulatory framework for digital assets in the United States. Its scope includes crypto exchanges, token issuers, and investor protections, making it one of the most closely watched pieces of legislation for the industry. If enacted, it could help reduce long-standing uncertainty around how different parts of the digital asset market should be regulated.
For the crypto sector, the bill represents more than a procedural milestone. It is widely seen as a potential foundation for clearer compliance standards and a more predictable operating environment for platforms, issuers, and institutional participants.
Senate delays remain the main obstacle
Despite bipartisan backing, the legislative path has been slowed by disagreements in the Senate, particularly over stablecoin regulation. The bill had already passed the House of Representatives, but negotiations have continued as banks raised concerns that yield-bearing stablecoins could draw funds away from traditional deposits.
Those tensions have kept the bill from moving as quickly as some market participants had hoped. As a result, the stablecoin debate has become one of the most important variables in determining whether the CLARITY Act can advance on Novogratz’s proposed timeline.
Outlook remains uncertain
Other voices in the industry and in Washington have offered more cautious assessments. Senator Cynthia Lummis warned that if the bill does not pass soon, the next realistic opportunity may not come until 2030. Meanwhile, Galaxy Digital Research Director Alex Thorn estimated a 50% chance of passage in 2026, adding that the odds could fall further if delays extend beyond mid-May.
Taken together, these views show a split between optimism about the bill’s importance and realism about the political hurdles still in front of it. While Novogratz sees a path to enactment by June 2025, Senate negotiations and the unresolved stablecoin issue remain the decisive factors.