The U.S. crypto market structure bill, the CLARITY Act, is entering its most crucial phase in the Senate. Senator Cynthia Lummis stated on June 8th that the bill has passed the committee and will next proceed to the full Senate for consideration, signifying another step forward in the legislative process for a U.S. digital asset regulatory framework.
This bill has recently regained focus in the crypto industry. Previously, the U.S. House of Representatives passed H.R. 3633 in July 2025 with 294 votes in favor and 134 against. The Senate Banking Committee subsequently advanced the bill by a 15-9 vote, giving it strong bipartisan momentum for the first time.
The Senate still has several procedures to go through.
The committee's approval does not mean the bill is immediately enacted. Next, the Senate must pass a full vote; if there are differences between the House and Senate versions, a unified text must be reached before it can be submitted to the president for signature.
The committee vote results indicate that the bill received support from some Democratic lawmakers. The report noted that Democratic Senators Ruben Gallego and Angela Alsobrooks joined Republicans in pushing the bill through. However, if the subsequent procedures require it to cross the 60-vote threshold, the bill still needs to secure broader support.
Stablecoin reward terms remain a focal point
One of the most difficult points of contention to resolve is the stablecoin-related reward mechanism.
The banking sector wants stricter restrictions on rewards offered by crypto platforms that are tied to stablecoin balances, arguing that such products would directly compete with traditional deposits. Crypto companies, on the other hand, want to retain rewards based on usage behavior, emphasizing that these arrangements should not be equated with traditional bank interest rates.
A compromise reportedly supported by Senator Thom Tillis helped the bill pass the committee stage first. However, this issue may again become a point of contention during the full Senate hearing.
Voting time still faces agenda pressure
Despite recent significant progress in the bill, the market is becoming more cautious in its assessment of the timeline for its passage.
Alex Thorn, research director at Galaxy Research, recently lowered his 2026 probability forecast for the bill from 75% to 60%. He cited reasons including a crowded Senate agenda and unresolved policy issues. The forecasting market has also cooled, reflecting concerns that the legislative window may narrow as the 2026 election cycle approaches.
However, U.S. Treasury Secretary Scott Bessent believes the bill is likely to pass the Senate this summer. Many industry players still consider July 4th a crucial milestone.
If the bill is ultimately passed, the US digital asset industry will, for the first time, have a relatively complete regulatory framework for its market structure. This will directly impact the subsequent compliance arrangements and business boundaries of crypto companies, exchanges, and stablecoin-related businesses.
