CLARITY Act heads to July hearing as Senate votes remain uncertain

Crypto investors now have a new date to watch for US market structure reform, but not a clear path to passage. The House Financial Services Committee will hold a July 17 field hearing in New York on the CLARITY Act, while the Senate still has not scheduled the floor vote that would decide whether the bill can move before the August recess.

The Senate math is the problem. Republicans hold about 53 seats, and the bill needs 60 votes to clear cloture. Senate Banking advanced its version 15-9 on May 14, with Democratic senators Ruben Gallego and Angela Alsobrooks joining Republicans. Both said their support on the floor depends on further talks, leaving at least five more Democratic votes still unresolved.

The largest open policy fight is Section 404, which would bar platforms from paying interest or yield simply for holding a payment stablecoin, while still allowing rewards tied to activity such as payments, transfers, platform use, loyalty programs, staking, governance, or collateral. Banks want tighter language, arguing that loose rules could let stablecoin products compete with deposits.

Democrats are also pushing for stronger anti-money-laundering rules and an ethics provision covering government officials' crypto holdings. If those issues are not settled soon, the Senate calendar could push the bill past the summer window and leave crypto firms waiting longer for clearer SEC and CFTC boundaries.