Prospects for passing the CLARITY Act have become more uncertain after Senate Majority Leader John Thune delayed the cloture vote until Sept. 15, narrowing the legislative window and leaving major policy disputes unresolved. TD Cowen Washington Research put the odds of enactment in the coming months at 25%, with managing director Jarrett Seiberg saying the bill is not dead but that the path forward has become more difficult. The White House is still pressing for passage, with Patrick Witt saying on Aug. 11 that the administration is fully committed to enacting the digital-asset market-structure bill in September. The measure would create a federal framework for digital assets by clarifying when tokens fall under securities or commodities law and how trading platforms are supervised. Negotiations remain centered on stablecoin rewards and ethics provisions, including conflict-of-interest concerns tied to President Donald Trump's crypto businesses. Lawmakers are also still divided over anti-money laundering and consumer-protection language, while a crowded Senate calendar after the summer recess adds pressure. Even as Congress struggles to close the gaps, the Securities and Exchange Commission and the Commodity Futures Trading Commission are pursuing digital-asset regulatory modernization through Project Crypto and related rulemaking efforts.