Overview
- The CLARITY Act cleared the Senate Banking Committee in a 15–9 vote but has not reached a full‑Senate vote or been reconciled with other committee texts.
- Galaxy Digital reduced its estimate that the bill will become law this year to about 60 percent, citing a crowded Senate calendar and fewer available floor days.
- Negotiations are stalled on several live issues, including senior‑official ethics language, anti‑money‑laundering and sanctions safeguards, limits on passive stablecoin yields, and protections for non‑custodial DeFi developers.
- Before it can become law the bill must secure roughly 60 Senate votes, merge Banking and Agriculture committee language, pass the House again, and win the president’s signature.
- If floor time is not scheduled in July lawmakers and markets could see the fight extend into the fall or after the midterm elections, leaving issuers, exchanges and banks to operate under continued regulatory uncertainty and competing lobbying pressure.