Overview
- As of June 14 the CLARITY Act remains on the Senate calendar but Senate leaders have not scheduled floor time and passage by July 4 is now unlikely.
- Negotiators still must merge the Banking and Agriculture committee texts and settle bipartisan ethics language before any Senate floor vote can proceed.
- The bill needs 60 votes to overcome a filibuster, which means Republican control of 53 seats requires at least seven Democratic crossovers to reach cloture.
- Supporters say the law would divide oversight between the SEC and the CFTC, define token categories, restrict payment‑stablecoin yields and add DeFi and AML rules, while critics worry about bank and enforcement risks.
- Missing the pre‑August window would likely push a realistic chance for meaningful U.S. crypto legislation into the post‑election cycle, a delay that industry groups warn could send activity and talent offshore.