Senate Pushes CLARITY Act to September Amid Bipartisan Impasse

Bitwise Chief Investment Officer Matt Hougan expects the setback to trigger a brief period of market volatility. While crypto prices remained stable following the announcement—with Bitcoin holding above $64,400—Hougan suggests that traders may soon reprice the legislation's odds, which have already plummeted from 70% to roughly 17% on prediction platforms like Polymarket.

The path to passage remains narrow, as the bill requires 60 votes to overcome procedural hurdles in a chamber where Republicans hold only 53 seats. Securing the necessary Democratic support has proven difficult, with high-profile opposition from figures like Senator Elizabeth Warren, who continues to cite concerns over national security and consumer protections. Despite the stalemate, Senator Cynthia Lummis confirmed that daily negotiations have persisted for nearly a year.

When lawmakers return in September, they face a compressed calendar complicated by approaching elections. Thune has signaled that the CLARITY Act remains a priority for the fall agenda, yet success will depend on bridging deep-seated disagreements over token classification and the division of regulatory authority between the SEC and the CFTC. Without a bipartisan consensus, the bill’s prospect of becoming law in 2026 remains increasingly tenuous.