Rep. Bryan Steil (R-Wis.) said this week he expects the Senate to pass the CLARITY Act as soon as next week, a move that would hand the crypto industry its first comprehensive federal regulatory framework. The prediction, made during a virtual town hall on Thursday, signals growing momentum for the legislation after months of stalled negotiations in the upper chamber.
The CLARITY Act
The bill, formally titled the Crypto Licensing and Regulatory Integrity for Tomorrow Act, aims to create a single federal regime for digital asset exchanges and custodians. Currently, crypto firms face a patchwork of state-level money transmitter licenses and conflicting guidance from the SEC and CFTC. The CLARITY Act would consolidate oversight under the CFTC for most digital commodities and set clear rules for token offerings, stablecoins, and custody.
Steil, who co-sponsored the House version that passed in March, said the Senate version has been revised to address concerns about consumer protections and state preemption. He did not provide details on the changes but expressed confidence the bill would clear the 60-vote threshold.
Steil's prediction
“I think we’re going to see the Senate take it up next week and pass it,” Steil said during the town hall. “This has been a long time coming, and the industry needs certainty.” The lawmaker did not name specific senators who have committed support, but noted bipartisan talks have intensified in recent weeks.
The timing is notable: the Senate is scheduled to begin its August recess at the end of next week, leaving a narrow window for floor action. If the bill does not pass by then, it could be pushed to the fall, when the election season will complicate the calendar.
Steil’s prediction comes as the crypto industry has poured millions into lobbying efforts this year, with several major exchanges and trade groups pressing for the CLARITY Act as a top priority. The bill has drawn support from some Democrats, though progressive lawmakers have raised concerns about investor protections and environmental impact of proof-of-work mining.
Whether the Senate actually votes next week remains uncertain. But Steil’s public forecast suggests leadership is confident enough to schedule a vote. The House passed its version 312-112, a margin that could give the Senate cover to move quickly.
