One year after the House approved the Digital Asset Market CLARITY Act, Rep. French Hill is pressing Senate leadership to bring the legislation to a floor vote before the August recess. The Arkansas Republican, who chairs the House Financial Services Committee, announced plans for a field hearing in New York next week to maintain momentum on the stalled regulatory framework.
Push for Congressional Deadline
Hill emphasized the need for a firm timeline to drive Senate action, telling Fox Business that scheduling a July floor vote would force final negotiations to conclude. The legislation passed the House with bipartisan support last year, including votes from 78 Democrats, though Senate movement has stalled despite active negotiations involving Senators Gillibrand, Lummis, Boozman, and Scott.
Prediction markets now price the probability of 2026 passage at approximately 39%, down from 74% the previous month, reflecting growing uncertainty as the Senate returns July 13 with roughly three weeks before recess.
Regulatory Framework as Ethics Solution
Hill countered ethics concerns related to presidential crypto ventures by arguing the CLARITY Act would establish the transparency critics seek. He contends that a clear market framework would bring activities like meme coin issuances, exchange investments, and co-investment structures under regulatory oversight, addressing concerns rather than enabling them.
The legislation is designed to work alongside the GENIUS Act, the stablecoin law enacted last year. Hill compared the relationship to a cell phone requiring network infrastructure, with the CLARITY Act providing the necessary market structure framework.
Industry and Regulatory Support
CFTC Chairman Michael Selig warned against "mission creep" and noted that continued legislative delays leave rule-making to regulators by default. Coinbase Vice Chair Ryan VanGrack, a former SEC official, described the bill as "on the one-yard line," with bipartisan Senate teams actively working toward passage.
For blockchain professionals, the CLARITY Act represents a potential shift toward regulatory certainty that could impact hiring patterns, compliance roles, and business development across the crypto industry. The outcome of July negotiations will determine whether companies can operate under defined federal standards or continue navigating fragmented state and agency-level guidance.
