Grayscale's CLO Craig Salm urged Thune and Schumer to bring the CLARITY Act to a floor vote before July 31, warning that delay risks U.S. crypto competitiveness.
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Grayscale urged Senate leaders to schedule a CLARITY Act floor vote before the August recess on July 31, warning that delay would leave U.S. crypto competitiveness at risk until at least 2027. The letter, addressed to Majority Leader John Thune (R-SD) and Minority Leader Chuck Schumer (D-NY), arrived as the legislative calendar narrows ahead of the recess.
Grayscale Chief Legal Officer Craig Salm framed the request as an immediate test of congressional commitment to a federal crypto rulebook:
“We urge the Senate to bring the CLARITY Act to a floor vote before Congress departs for the August recess.”
The company argued that prolonged regulatory uncertainty has subjected digital asset businesses to enforcement actions without clear federal guidelines. Its letter maintained that defined standards would protect investors, encourage U.S.-based innovation, and reduce incentives for companies and skilled workers to relocate abroad.
Broader industry pressure has also intensified, with advocacy group Stand With Crypto reporting 950,000 contacts between supporters and federal lawmakers by July 22. Coinbase (COIN) CEO Brian Armstrong said the bill is ready for Senate consideration and predicted floor action could arrive within weeks.
The Senate Banking Committee advanced H.R. 3633 through a bipartisan 15–9 vote on May 14 after nearly one year of negotiations. Committee leaders presented the measure as a framework for stronger consumer safeguards, clearer operating standards, and federal tools to address misconduct in digital asset markets.
Legislative uncertainty remains elevated. Galaxy Research reduced its estimated probability of enactment in 2026 from 50% to 30%, citing tight calendar and competing midterm election priorities. The 616-page bill contains 104 sections covering market structure, custody, enforcement, stablecoins, government ethics, developer protections, and self-custody safeguards.
U.S. Securities and Exchange Commission Chair Paul Atkins has expressed optimism that Congress will pass the legislation, while emphasizing the need for regulatory clarity for exchanges, issuers, and investors. The bill would split oversight responsibilities between the SEC and the Commodity Futures Trading Commission, replacing overlapping agency expectations with defined federal roles.
Remaining procedural work requires lawmakers to combine provisions developed through the Senate Banking and Agriculture committees before reconciling differences with the House-approved version. Grayscale identified that reconciliation process, limited floor time, and the need for bipartisan support as the main obstacles separating committee approval from final enactment. The House passed its version of the bill in 2024.
A vote before the recess would signal that digital asset regulation is a priority in the current Congress. Failure to act would push the bill into the fall, when military funding, government budget negotiations, and midterm campaigning crowd the schedule. The CLARITY Act odds have already sunk after earlier delays increased procedural hurdles.
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