The CLARITY Act Is Not Passing Before August, Senate Majority Leader Thune Said

Senate Majority Leader John Thune told reporters Thursday afternoon he does not expect the CLARITY Act to pass before the Senate leaves for its August recess — a significant setback for a bill that entered the week with what appeared to be its best shot yet at a floor vote. 

Lummis Calls It the Last Real Chance 

Thune was direct when asked whether the Senate could advance the crypto market structure legislation before August. “I don’t think we’ll be able to get them done,” he said. “I would like to at least get Clarity started. We’ll see where the votes are.” 

The remarks, reported by Punchbowl News, signal that even the bill’s most important Republican ally in the Senate does not see a path to passage in the time that remains.

The assessment lands despite what looked like a breakthrough earlier this week. Senate Republicans released the updated draft text of the CLARITY Act Tuesday, which included a new ethics package, an unchanged Blockchain Regulatory Certainty Act provision, the stablecoin yield compromise, and a new dedicated enforcement section. 

Senator Cynthia Lummis, the CLARITY Act’s most vocal Republican champion, called it a meaningful step and expressed optimism about reaching a bipartisan deal in the coming days. But optimism has not translated into votes. 

The bill still needs at least seven Democratic senators to clear the 60-vote threshold required to overcome a filibuster, and that coalition has not materialized. Democrats say they have not agreed to the ethics language in the released text, and several have made clear they will not support the current version.

Lummis acknowledged the gap Thursday while holding out hope. “The coming weeks are likely the last real chance we will have for years to get this right,” she said, adding that she remained committed to reaching a deal that could move the legislation forward. But no concrete agreement was announced, and no Democratic sign-off was secured.

Hispanic Chamber Joins the CLARITY Act Opposition 

The opposition is broadening beyond the Senate floor. Eleanor Terrett of Crypto In America reported Thursday that the United States Hispanic Chamber of Commerce sent a letter to Senate leaders this week raising concerns about the bill’s stablecoin provisions. 

The chamber’s letter echoed the position that 78 banking groups took earlier this month, warning that the CLARITY Act could accelerate the migration of deposits out of community banks and into digital asset platforms that perform no comparable lending function.

The USHCC’s argument centers specifically on Hispanic entrepreneurs. Community banks, the letter argued, are a critical source of financing for Hispanic-owned businesses in low- and moderate-income communities — and any significant deposit outflow from those institutions would reduce the availability of credit for the entrepreneurs who depend on them most. 

The letter also raised concerns about the Community Reinvestment Act, a federal law that requires banks to reinvest in the communities they serve. Digital asset firms that would benefit from the CLARITY Act framework, the chamber argued, face no equivalent obligation.

The USHCC called on the Senate to revise the legislation to address deposit migration risk, require digital asset companies to contribute to community development, and preserve the Community Reinvestment Act’s role.

Featured image generated with OpenArt.