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Senators push CLARITY Act toward Senate action as July 4 vote looks unlikely

Senators push CLARITY Act toward Senate action as July 4 vote looks unlikely

Bipartisan Senate talks continue over disputed provisions as supporters including Bill Hagerty argue the crypto market structure bill would set clearer rules for digital assets, much as the GENIUS Act aims to do for stablecoins.

Fact Check
Both components of the claim are corroborated by primary reporting. The crypto.news article 'Bill Hagerty revives July 4 hope for CLARITY Act passage' confirms Hagerty renewed expectations the Digital Asset Market Clarity Act could advance before the July 4 recess, sourced to his Fox Business interview. The Punchbowl News 'Vault: Crypto crunch puts Ag committee in focus' article confirms bipartisan senators rushing to finalize the bill before the August recess with a next-week sprint of meetings, further supported by the Bitcoin Magazine X post citing Punchbowl and the BlockBeats flash describing the June 18 bipartisan working session. The dual framing (Hagerty's July 4 hope vs. broader August recess deadline) matches the claim precisely.
Summary

A U.S. Senate floor vote on the CLARITY Act before the July 4 recess still appears unlikely, but bipartisan senators are intensifying talks to position the crypto market structure bill for action after lawmakers return. Supporters including Sens. Cynthia Lummis, Dave McCormick and Bill Hagerty say the measure would create clearer rules for digital assets, protect consumers, reduce regulatory gaps that bad actors can exploit and help keep the industry onshore. Hagerty also described the bill as a broader-market counterpart to the GENIUS Act, saying it would do for digital assets what that legislation is doing for stablecoin innovation. The bill’s near-term path remains constrained by the Senate’s 60-vote threshold and cloture process, coordination across committees, an unresolved ethics dispute and continuing negotiations over disputed provisions, including liability protections for non-custodial software developers. Prediction market Kalshi put the odds of Senate passage by August at about 22%.

Terms & Concepts
  • CLARITY Act: A U.S. crypto market structure bill aimed at clarifying regulatory rules and oversight for digital assets.
  • cloture: A U.S. Senate procedure to end debate and advance legislation, often affecting how quickly a bill can reach a final vote.
  • non-custodial software developers: Builders of software that lets users control their own digital assets rather than having a third party hold them.