CLARITY Act could be signed into law by President Donald Trump in early August — Galaxy Digital

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The CLARITY Act could be signed into law in the week of Aug. 3 if Congress keeps pace after a bipartisan Senate Banking Committee vote moved the crypto market structure bill into its next phase, Galaxy Digital’s research arm said.

Galaxy Research raised its estimate of the bill’s chances of becoming law in 2026 to 75% after the committee voted 15-9 on May 14 to advance the legislation.

The vote gave the long-running digital asset bill its most significant Senate breakthrough so far, though the timeline remains narrow and several political disputes remain unresolved.

The bill now moves into a more complicated stretch, in which the Senate Banking Committee text must be combined with a version advanced by the Senate Agriculture Committee before Senate leaders can bring the measure to the floor.

If it clears the Senate, lawmakers would still need to reconcile it with the House version before sending final legislation to President Donald Trump.

That process leaves little room for delay. Congress has only a limited number of working weeks before the August recess, and major legislation often becomes harder to move once lawmakers return in a midterm election year.

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Bipartisan vote gives the bill a path forward

The Senate Banking vote marked a shift for a bill that had been at risk of advancing on a party-line basis. All Republicans on the committee backed the measure, while Democratic Sens. Ruben Gallego of Arizona and Angela Alsobrooks of Maryland joined them to move the bill forward.

Notably, both Democrats warned their committee votes did not guarantee support when the bill reached the Senate floor.

That distinction will shape the next round of negotiations. A committee vote can move legislation forward, but a Senate floor vote carries a higher threshold in practice because supporters will need enough Democratic backing to overcome procedural hurdles.

The late support from Gallego and Alsobrooks followed negotiations during the markup, where lawmakers added a package of amendments from Sen. Cynthia Lummis. Several Democrats supported parts of that compromise, even though only Gallego and Alsobrooks ultimately voted to advance the bill.

The result gave crypto policy advocates a bipartisan outcome after months of talks, but it also showed how thin the margin remains.

The bill has moved past one major obstacle, while the votes needed for final passage are still being assembled.

Ethics demands move to the center of talks

The next phase is expected to turn on the ethics language sought by Democrats.

Gallego and Alsobrooks have pressed for restrictions that would limit senior government officials and their family members from profiting from, promoting, or holding certain interests in digital assets while federal crypto rules are being written.

Those demands come as Democrats have increased scrutiny of political conflicts tied to crypto activity. Senator Elizabeth Warren, a renowned crypto skeptic, had even argued against the bill because it “doesn’t lift even the tiniest finger to address the Trump Administration’s crypto-related corruption.”