Clarity and Congress's summer break: State of Crypto

Welcome to another update on the Clarity Act. Will it pass? Jury (and by that I mean Congress) is still out. It's certainly possible. But we are running into some timeline issues, like the fact that it is now July.

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Countdown clock

The narrative

So obviously, the Clarity Act was not signed into law on July 4 as White House adviser Patrick Witt said in May he hoped would happen. Moreover, the clock is really starting to run out on getting it passed entirely.

Why it matters

If the Clarity Act doesn't pass through Congress before the midterm election, it's anyone's guess as to what'll happen after the election. If the House or Senate does flip, there's less of a chance that the bill will work through as-is, as Democrats will want to put their own stamp on the bill. So we're in, essentially, crunch time if a 2026 signing is still on the books.

Breaking it down