CLARITY Act backers press Senate as odds of passage decline

More than 200 crypto companies and industry organizations have urged the U.S. Senate to bring the CLARITY Act to a floor vote as concerns over the bill’s shrinking legislative window have intensified.

According to crypto advocacy group Stand With Crypto, a coalition of industry participants sent a letter to Senate Majority Leader John Thune and Senate Democratic Leader Chuck Schumer on June 9, calling on lawmakers to move the crypto market structure bill forward without further delay.

The letter stated that the Senate Banking Committee’s approval of the legislation followed months of bipartisan negotiations and argued that senators should now have the opportunity to debate and advance the proposal. Signatories included Stand With Crypto, the Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber.

Representatives from the industry coalition said the legislation would establish regulatory rules for digital assets, define the responsibilities of the Securities and Exchange Commission and Commodity Futures Trading Commission, and help keep crypto businesses, investment, and jobs in the United States.

In the letter, the groups argued that digital asset markets are becoming an increasingly important part of financial infrastructure and warned that continued delays could push innovation toward overseas jurisdictions operating under different regulatory frameworks.

Industry pressure grows as Senate clock ticks

Recent assessments from analysts and market participants have increasingly focused on timing rather than support for the legislation itself.

Last week, Galaxy Digital head of research Alex Thorn lowered the firm’s estimate of the CLARITY Act becoming law in 2026 to 60%, down from 75% in May. Thorn said the bill needs to advance through the Senate before lawmakers leave for their August recess, adding that the legislative opportunity becomes much more limited once election-related activity begins to dominate the congressional calendar.

Galaxy Digital said the measure still requires Senate floor debate, consideration of amendments, and reconciliation between versions approved by different Senate committees. Thorn also noted that Senate leadership would likely need to dedicate floor time in July for those procedural steps to be completed before the recess.

A separate assessment from JPMorgan, led by managing director Nikolaos Panigirtzoglou, also warned that the path to passage is narrowing. The bank cited the approaching midterm elections and unresolved disagreements over stablecoin yield provisions as key obstacles facing the legislation.

While support for the bill remains visible across the crypto sector, policy disputes have not been fully resolved. Banking groups have pushed for restrictions on stablecoin yield offerings, while crypto industry advocates have sought stronger protections for developers building decentralized platforms.

Unresolved provisions remain under discussion

Beyond the stablecoin debate, ethics requirements and illicit finance provisions continue to be discussed among lawmakers.

Galaxy Digital said those issues could affect support among senators who remain cautious about crypto legislation. The firm added that it has not yet seen evidence that negotiations have reached a final resolution or that the remaining disagreements have been settled.

Supporters of the bill continue to press for action. Senator Cynthia Lummis, who has backed the legislation throughout the process, told CNBC that lawmakers are working through ethics and illicit finance concerns ahead of a potential Senate vote.

Political support has also come from Treasury Secretary Scott Bessent, White House crypto adviser Patrick Witt, and Senate Banking Committee Chairman Tim Scott, all of whom have publicly encouraged Congress to advance the legislation.

Before reaching the Senate floor, the bill still requires Senate negotiators to align provisions approved by the Banking and Agriculture Committees. Lawmakers must also secure at least 60 votes to avoid a prolonged debate process and keep the legislation moving.

With no Senate floor vote currently scheduled, the industry’s latest appeal adds pressure on congressional leaders as advocates seek to move the CLARITY Act through its remaining legislative hurdles before the election calendar further constrains available time.