CLARITY Act missing from Aug. 3 Senate floor agenda

"So it now feels like the Republicans don't want the CLARITY Act to pass so that they can blame the Democrats for not passing it and then seek donations from the crypto industry in the Fall," Scaramucci said.

A crypto trader tracking approval odds on Kalshi put the probability at 33%, close to a yearly low.

"Next week is all there's left before August recess," the trader said. "If CLARITY Act doesn't move to Senate voting in the next 5 days, it'll probably not pass this year."

Tom Shaughnessy Jr., co-founder of Delphi Digital, pushed back on the pessimism. He said the delay does not necessarily reflect the bill's substance, and he noted that market structure legislation of this scale rarely moves on a straight line.

The stalled calendar follows a letter from the Solana Policy Institute to Senate Majority Leader Chuck Schumer and Minority Leader John Thune, urging them to bring the CLARITY Act to the floor before the recess begins. The Senate is scheduled to break at the end of next week.

The CLARITY Act would hand the Commodity Futures Trading Commission primary oversight of digital asset spot markets and clarify when tokens count as securities. The bill cleared the House in May with bipartisan support, a path through the Senate that has been slower.