CLARITY Act Hearing Set For July 17 As Congress Pushes Crypto Bill Forward

In the latest development surrounding the long-awaited CLARITY Act, the House Financial Services Committee announced on Tuesday a field hearing on the crypto bill, scheduled to take place in New York City on Friday, July 17.

The hearing, titled “Building the Future of Finance: How the CLARITY Act Unlocks Innovation,” is set to be led by the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee. 

Where The CLARITY Act Stands Today 

As the bill stands, the CLARITY Act passed the House in July of last year with broad bipartisan support — 78 Democrats crossed the aisle alongside 216 Republicans, resulting in a 294-134 vote in favor of the legislation.

The Senate moved considerably slower. After months of negotiations between representatives of the traditional banking industry and crypto firms, the Senate Banking Committee advanced its version in May by 15 votes to 9. This followed the Agriculture Committee’s successful markup back in January.

The CLARITY Act was then placed on the Senate Legislative Calendar earlier this month, formally putting it in line for a full floor vote — with attention now turning to what the July 17 field hearing announced Tuesday by the House Financial Services Committee will produce.

Three Roadblocks 

Getting to 60 votes on the Senate floor means bringing roughly seven more Democrats on board. Three issues are keeping them away. The conflict-of-interest provision is one of those potential roadblocks that could further delay the bill and potentially jeopardize the chances of passing this year. 

An amendment was introduced that would bar government officials — including the president — from holding financial ties to the crypto industry, a provision that took direct aim at President Donald Trump’s involvement with the cryptocurrency sector. However, the White House has made clear it will not accept language targeting the president.

Then there’s the stablecoin yield provision, at the center of ongoing negotiations. The bill’s handling of interest-bearing stablecoin products has drawn heavy pushback from the traditional finance sector, which argues crypto firms shouldn’t be able to offer yield on deposits without the same rules banks have to follow. 

Law enforcement concerns round out the list. Some Democrats worry that developer protection provisions in the bill could make it harder to track illicit crypto activity. 

Supporters counter that the bill already includes $150 million in dedicated funding to combat crypto-related financial crime — but that hasn’t been enough to bring the holdouts around yet.

August Or 2030

With those obstacles still unresolved, the August congressional recess has emerged as the main deadline for a Senate floor vote this year. Pro-crypto Senator Cynthia Lummis has publicly warned that missing the current legislative window could push meaningful crypto market structure legislation all the way to 2030.

The prediction markets reflect that uncertainty. Polymarket has the CLARITY Act’s odds of passing this year at 42%. Galaxy Digital, which placed a $10 million bet on 2026 enactment, has trimmed its own odds to around 60%. 

Featured image generated with OpenArt.