CLARITY Act's Revised Senate Roadmap Puts Floor Vote After July Recess

Senator Bill Hagerty outlined a revised Senate timeline for the CLARITY Act, pointing to floor action after lawmakers return from the July recess. The final text is expected this weekend, Hagerty said, giving the digital asset industry its first full look at the legislation before debate begins.

The new schedule pushes earlier expectations of a July 4 signing aside. A Senate vote is more likely after Congress reconvenes July 13, Hagerty indicated.

Bloomberg Intelligence estimated the probability of passage this month at roughly 60%, adding to industry optimism.

Passing the bill requires at least 60 votes in the Senate. Republicans hold 53 seats, meaning the legislation needs Democratic support. Senators Angela Alsobrooks and Ruben Gallego voted for the bill in committee but later said those votes did not commit them to supporting it on the floor. Time is tight. The Senate has limited floor time before its August recess.

The legislation picked up a new endorsement from the National Organization of Black Law Enforcement Executives (NOBLE), the first major law enforcement group to publicly back the CLARITY Act . NOBLE supported Section 604, which exempts certain non-custodial developers from automatic money-transmitter treatment. That puts NOBLE at odds with four other law enforcement organizations that argued Section 604 would complicate crypto-related financial crime investigations. The Justice Department disputed that claim, saying the criticism was inaccurate. NOBLE's letter argued the bill would not weaken existing federal criminal authorities.

Industry groups are lobbying ahead of the Senate's return. Stand With Crypto urged supporters to contact senators, arguing that further delays could push crypto companies and jobs outside the U.S.

The final legislative text is due this weekend. The Senate returns July 13.