The digital asset industry could see the Clarity Act, its most significant piece of market structure legislation, signed into law as early as July, according to veteran Washington insider Kristin Smith.
During a recent interview with Fortune, Smith, president of the Solana Policy Institute and former head of the Blockchain Association, opined that the bill is facing a rather difficult path.
Passing standalone legislation during an election year is notoriously difficult. Lawmakers might bypass congressional gridlock by attaching niche bills to “must-pass” legislation.
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However, Smith pointed out that this maneuver requires the direct sign-off from the leading Democrats and Republicans on relevant committees. That backdoor remains firmly shut due to critics of the likes of Senator Elizabeth Warren (D-Mass.).
As reported by U.Today, Coinbase CEO Brian Armstrong abruptly withdrew his support. He argued that the revised drafts unfairly favored the traditional banking sector. This, of course, has further complicated the passage.
Yet, Smith notes that the calculus has changed due to engagement from the executive branch. The White House recently reprimanded traditional banks and demanded that they make concessions.
July 2026 would be the primary deadline for passage before Congress breaks for its August recess.
December 2026 would be the absolute final window during the lame-duck session following the midterms.
More optimism
As reported by U.Today, Ripple CEO Brad Garlinghouse is the most optimistic voice in the room. He sees up to a 90% chance that the Clarity Act clears Congress by the end of April.
Coinbase CEO Brian Armstrong, whose January withdrawal has threatened to derail the bill, has since returned to the White House to renegotiate the most contentious issues.
Representative French Hill (R-AR) recently told Fox News that it would be possible to find a solution.
Source: https://u.today/key-crypto-bill-could-pass-in-july-industry-lobbyist-says
