Senate Ag Chair John Boozman says many lawmakers don't fully understand the CLARITY Act, even as negotiators claim 80% alignment on core issues. Floor vote timing remains uncertain, with targets ranging from July 4 to after August recess.
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Senate Agriculture Committee Chairman John Boozman said many lawmakers still do not fully grasp the CLARITY Act, describing the knowledge gap as one of the biggest obstacles to advancing the crypto market structure legislation.
Senators met Thursday to discuss the next phase of work on the bill, which falls largely under the Agriculture Committee's jurisdiction. Speaking after the meeting, Boozman acknowledged that discussions are moving forward but noted the widespread unfamiliarity among members. He said most senators do not fully understand the proposal, and that lack of awareness complicates efforts to build support across the chamber.
The comments come as congressional leaders push to resolve outstanding issues before lawmakers leave Washington for the August recess. Several last-minute meetings have been scheduled to work through remaining provisions tied to digital asset regulation.
Despite Boozman's warning about member awareness, separate conversations on Capitol Hill suggest the substantive disagreements may be narrower than they appear. David Nage, managing director and portfolio manager at Arca, told crypto.news that discussions with Senate offices led him to believe lawmakers and industry participants are roughly 80% to 85% aligned on the core elements of the bill.
In Nage's assessment, stablecoin yield provisions no longer rank among the most contentious issues, despite continued criticism from JPMorgan CEO Jamie Dimon. Instead, attention has turned toward ethics and conflict-of-interest rules governing government officials involved in crypto-related business activities. Nage said lawmakers are largely debating how such restrictions should be implemented rather than whether they should exist. He described the remaining divide as a political and enforcement matter, not a disagreement over digital asset market structure itself.
Under Nage's base-case scenario, lawmakers would settle the ethics language and reconcile competing proposals in the coming weeks, allowing the legislation to reach the Senate floor after Congress returns from recess on July 13.
Still, the expected timing of passage remains unsettled. Senator Bill Hagerty said he hopes Congress can complete work on the legislation before the July 4 recess. He argued the measure would provide the regulatory certainty the U.S. digital asset sector needs to expand domestically rather than abroad. White House crypto advisor Patrick Witt also expressed optimism that lawmakers could approve the bill by Independence Day.
Other senators see a longer timeline. Senator Cynthia Lummis said a Senate floor vote before the August recess appears more likely than passage before July 4. Lummis also noted the legislation includes $150 million in funding intended to combat illicit cryptocurrency activity. Supporters contend the bill would define the responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission while establishing compliance standards for digital asset firms.
Lummis has further warned that if Congress fails to advance market structure legislation during the current legislative window, meaningful action on the issue could be postponed until 2030.
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