The CLARITY Act, a long-awaited market structure bill for digital assets, cleared the Senate Banking Committee on a 15-9 bipartisan vote this week. But the real fight is just beginning. Senate Majority Leader John Thune confirmed the chamber’s reconciliation package won’t be finished in May, forcing a crowded June agenda where the crypto legislation must compete for floor time against reconciliation talks, FISA matters, and a housing package.
The June crunch
“June is Clarity month,” Galaxy Digital CEO Mike Novogratz said. “It’s literally now or never.” Treasury Secretary Scott Bessent has been pushing both the Senate and House to move on the bill, and prediction market Polymarket puts its chances of becoming law in 2026 at around 60%. That’s not a lock — especially with only a few weeks to thread the needle.
What’s at stake
Senator Cynthia Lummis, a key sponsor, warned that if Congress misses the June window, the next realistic opening for crypto legislation is likely 2030. Without the bill, she argued, developers have no legal protections and law enforcement lacks tools to go after bad actors. “If the United States doesn’t establish the global standard for digital asset regulation, someone else will,” Lummis said. “China is not waiting.” She tied the bill to President Donald Trump’s broader posture on crypto and urged colleagues to deliver it to his desk.
The clock is ticking
Crypto journalist Eleanor Terrett noted that with only three working weeks in July before the August recess, the June window is the last clear runway. Lummis echoed that delays could push the issue off the table for years. The CLARITY Act would give developers legal certainty and regulators clear authority over the market — but it needs floor time first.
The next concrete test comes when Senate leadership decides which bills to schedule in the final weeks before recess. If the CLARITY Act doesn’t get a vote by the end of June, the 2030 timeline Lummis warned about may become reality.
