A coalition of more than 200 crypto companies — including Coinbase, Ripple, Kraken, Circle, Binance US, and Andreessen Horowitz — sent a joint letter to Senate leadership this week, demanding an immediate floor vote on the CLARITY Act. The bill, which would establish a clear federal framework for digital assets, cleared the Senate Banking Committee on a 15–9 vote last month and landed on the General Orders Calendar by June 1. But no floor vote has been scheduled yet, and the White House has set a de facto July 4 deadline for President Trump to sign the bill into law.
Why the clock is ticking
The Senate can't just vote on the Banking Committee's version. It must first merge that bill with the Agriculture Committee's Digital Commodity Intermediaries Act — a process that's still incomplete. Treasury Secretary Scott Bessent and White House Crypto Advisor Patrick Witt have both publicly called for advancing the legislation to meet the July 4 target. Senator Cynthia Lummis summed up the urgency: 'We did not come this far to quit at the 5-yard line.'
The votes aren't there yet — maybe
Getting the CLARITY Act through the Senate means overcoming a filibuster, which requires 60 votes for cloture. Republicans hold 53 seats, so they need at least 7 Democratic crossovers. The bill cleared committee with two Democratic votes — Senators Ruben Gallego and Angela Alsobrooks — and an earlier procedural motion in March passed 64–33, suggesting some bipartisan momentum. But unresolved concerns linger. Senator Elizabeth Warren has come out swinging, saying the bill would 'blow up the economy.' There's also an unresolved ethics provision tied to President Trump's personal crypto holdings that's giving some Democrats pause.
Banking industry pushes back
JPMorgan CEO Jamie Dimon has signaled opposition to provisions on stablecoin yields and what he sees as insufficient bank-equivalent regulation. His stance adds a powerful banking-industry voice against the bill, even as crypto companies mount their biggest lobbying push yet. Stand With Crypto and the coalition of over 200 organizations are coordinating grassroots support to pressure lawmakers.
What happens next
The Senate must complete the merger of the two committee bills before any floor vote can happen. After that, Majority Leader Chuck Schumer would need to schedule it. Galaxy Digital estimates the bill's odds of becoming law at roughly 60% — a coin flip in a divided Congress. With the July 4 deadline looming, the next two weeks will determine whether the CLARITY Act gets a vote or gets shelved again.
