CLARITY Act Nears Senate Floor Ahead of Recess Deadline

The CLARITY Act (H.R.3633) has moved closer to consideration by the U.S. Senate.

The crypto bill was reported by the Senate Banking Committee and was placed on the Senate Legislative Calendar on Tuesday (June 2), according to Congress.gov.

Seeking Alpha, which flagged these moves in a Tuesday report, said these actions mean the bill is now in line for consideration by the full Senate.

Next, Senate leadership will decide the timing of the debate and vote on the bill. The bill will need 60 votes to pass the Senate and will then go through the House, per the report.

Sen. Cynthia Lummis, R-Wyo., said in a Tuesday post on X: “We are closer to a functioning digital asset market structure than we have ever been. Now is not the time to flinch.”

Coinbase Chief Legal Officer Paul Grewal said in a Tuesday post: “Step. By. Step. We. Are. Getting. Closer. This is what legislating looks like.”

Gemini said in a Tuesday post: “JUST IN: CLARITY Act enters a 4 week window to advance before Congress’ July recess.”

Sen. Tim Scott, R-S.C., chairman of the Senate Banking Committee, said in a Tuesday post that America’s digital asset market faced regulatory uncertainty for too long and that this drove innovation overseas and made it harder for law enforcement to do its job.

“The Clarity Act changes that by protecting consumers, keeping innovation in the U.S., and safeguarding our national security,” Scott said.

PYMNTS reported May 14 that when the Senate Banking Committee advanced the long-debated CLARITY Act that day in a 15-9 vote, the event marked the most significant congressional movement yet toward establishing a comprehensive federal framework for digital assets.

It was reported Sunday (May 31) that as Congress moves toward a final showdown over the CLARITY Act, the debate is extending beyond U.S. borders, with supporters and critics alike saying the legislation could shape cryptocurrency regulation far beyond Washington.

JPMorgan Chase Chairman and CEO Jamie Dimon said Friday (May 29) that banks will fight the CLARITY Act because it effectively allows digital asset companies to pay interest on deposits without the protections that should be in place and without AML/BSA requirements.