Lummis targets July for CLARITY Act, but Senate hurdles remain

Crypto investors may get a clearer read on US market structure rules next month, but the CLARITY Act still faces several Senate obstacles before any vote can happen. Senator Cynthia Lummis said negotiators expect final compromise text around the July 4 recess and want to move the bill in July.

That timeline is tight. The Senate has limited working weeks before its August recess, and policy watchers cited in the source say the bill likely needs to clear the chamber by the end of July or its odds drop sharply. Prediction markets have also cut their expectations for passage this year.

The bill cleared the Senate Banking Committee in May with support from all 13 Republicans and two Democrats, Ruben Gallego and Angela Alsobrooks. But both Democrats called that support conditional. Their floor votes may depend on unresolved issues that have lingered since May, including ethics language tied to President Donald Trump's crypto business interests, anti-money laundering rules, and whether some crypto products should face bank-like capital and consumer protection standards.

Lummis said the bill includes $150 million to fight illicit crypto activity and pointed to revisions that would allow rewards programs while barring structures that mirror traditional bank interest. Even if the Senate advances the bill, any changes could still require another House vote.