Overview
- SEC Commissioner Hester Peirce said on Wednesday she still expects the CLARITY Act to pass this summer, keeping regulatory optimism alive despite growing doubts.
- Prediction markets and analysts have cut near-term passage odds to roughly 40–50% after late‑June shifts in political and calendar dynamics.
- Senators remain deadlocked over ethics language, the scope of anti‑money‑laundering rules, developer liability protections, and whether stablecoin issuers may pay yield on dollar‑pegged tokens.
- The bill has cleared the House and the Senate Banking Committee but needs about 60 votes and roughly 20 legislative days before the August recess to reach final passage, making timely enactment uncertain.
- Passage would give banks, asset managers, exchanges, and token issuers statutory authority to scale custody, tokenization, staking, and broader spot‑ETF work while delay keeps firms dependent on reversible agency guidance and raises the risk of regulatory leadership shifting to South Korea and Hong Kong.