Industry and congressional negotiators working on crypto market structure legislation had focused on August 7 as the day that the Digital Asset Market Clarity Act needed to get done if it were to have a reasonable chance at a 2026 passage. That's probably not going to happen, according to Senate Majority Leader John Thune.
However, the Clarity Act may be able to make a start in its Senate floor process before the long summer recess, Thune indicated, which may soften the blow of missing its primary window.
"I would like to at least get Clarity started," he told reporters on Thursday. "We'll see where the votes are."
Getting it rolling before the recess could put it in a potential viability for the brief window of floor time waiting in September, though election politics will be looming and other priorities will battle for lawmakers' time. The legislation has also faced a contentious debate since the final working draft emerged this week, with members of both parties taking issue with various sections, and a large number of Democrats taking a stand against its approach to limiting senior government officials — most notably President Donald Trump — in their crypto business activities.
The midterm congressional elections are in November, and lawmakers are expected to use their summer break to campaign. The House of Representatives and Senate return for about three weeks in September, and if the Senate manages to pass Clarity, the House will still have to follow suit.
Thune's staff indicated that the next immediate priority for Senate floor time will be a bipartisan bill to impose sanctions on Russian leadership and tariffs for trading partners — legislation that was championed by Senator Lindsey Graham before he died earlier this month. The majority leader signaled the bill is expected to get to the floor next week, though Graham's funeral is expected to occupy senators' attention in the middle of the week.