Senator Cynthia Lummis Sets July Deadline for US CLARITY Act

Senator Cynthia Lummis announced that the final text of the CLARITY Act – a market‑structure bill intended to provide federal rules for digital assets – will be released around the July 4 holiday. The legislation, which already cleared the Senate Banking Committee with a bipartisan 15‑9 vote, now faces a compressed Senate calendar. The chamber will recess from July 13 to August, leaving only a narrow window for floor debate, a 60‑vote cloture threshold, and a potential vote before the August break.

Lawmakers and industry groups are pushing for a July floor schedule, while critics, including law‑enforcement bodies, warn that Section 604 of the bill could create loopholes for money‑laundering and illicit finance. Prediction markets have reduced the bill’s passage odds to roughly 48‑60 % as the procedural deadline approaches. A House Financial Services Committee hearing on the Act is slated for July 17, and numerous crypto‑backed political action committees are spending heavily to support pro‑crypto candidates ahead of the vote.