The U.S. House Financial Services Committee has scheduled a hearing on the Digital Asset Market CLARITY Act for July 17, casting doubt on earlier hopes that the bill could become law by the July 4 recess. The hearing, titled "Building the Future of Finance: How the CLARITY Act Unlocks Innovation," will be held by the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, led by Rep. Bryan Steil. Other members include Rep. Tom Emmer, Rep. Byron Donalds, and Rep. John Rose.
Background and Industry Pressure
Crypto lobbying groups have urged lawmakers to advance digital asset legislation, with some supporters pushing for Senate action before the July 4 break. Trump's crypto advisor Patrick Witt and Senator Bill Hagerty even suggested the bill could be signed by July 4. The CLARITY Act aims to establish clear rules for digital asset markets and define inter-agency regulatory responsibilities, which industry advocates say would reduce uncertainty and foster innovation in the U.S.
Timeline Uncertainty
However, the July 17 hearing indicates that debate on the CLARITY Act will extend beyond mid-July, raising doubts about the pace of approval. While the Senate Banking Committee approved the bill last month, the full Senate has not yet scheduled a floor vote. This leaves the path forward unclear. Prediction markets like Polymarket reflect waning confidence, with decreasing odds of the bill's passage this year.