TLDR
- Galaxy Digital CEO Mike Novogratz says June is the decisive month for the CLARITY Act, calling it “now or never”
- Senator Lummis warns the next chance to pass crypto legislation may not come until 2030
- JPMorgan CEO Jamie Dimon says banks will actively fight the bill over deposit interest and AML rules
- Treasury Secretary Scott Bessent urged Congress to advance the bill, pushing Polymarket approval odds to 60%
- The bill faces a packed Senate calendar competing with reconciliation talks, FISA, and a housing package
The CLARITY Act, a crypto market structure bill, is entering what could be its final weeks in the current Congress. Lawmakers, industry leaders, and the White House are all pushing for a Senate floor vote before the August recess.
June Is the Window — and It’s Narrow
Galaxy Digital CEO Mike Novogratz put it plainly on X: “June is ‘Clarity’ month. It’s literally now or never.”
June is “Clarity” month. It’s literally now or never.
— Mike Novogratz (@novogratz) May 30, 2026
Congress has four working weeks in June and just three in July before the August recess. That is a tight window for a bill that still needs a full Senate floor vote, then a House vote, before heading to the president’s desk.
Senate Majority Leader John Thune recently told Republican lawmakers they would not finish their reconciliation package this month. That means the CLARITY Act is now competing for floor time with reconciliation talks, FISA issues, and a housing package.
Crypto journalist Eleanor Terrett said the bill’s path “just got more challenging.”
Lummis Warns of China, 2030, and Legal Gaps
Senator Cynthia Lummis has been the bill’s loudest champion. She says if the US does not pass the CLARITY Act, other countries will set the rules for the next financial era.
If the United States doesn't establish the global standard for digital asset regulation, someone else will.
China is not waiting.
The Clarity Act is how America leads — and how we ensure our adversaries don't write the rules of the next financial era.
— Senator Cynthia Lummis (@SenLummis) May 30, 2026
“China is not waiting,” she wrote on X.
Lummis says a failure this year would push the next real opportunity to 2030. She warns that until then, crypto developers would remain without legal protections and law enforcement without tools to go after bad actors.
The Senate Banking Committee advanced the bill in May with a 15-9 bipartisan vote. That was a win, but it is only one step in a longer process.
Banks Are Pushing Back
The bill’s path is not just a scheduling problem. JPMorgan CEO Jamie Dimon said banks will oppose the current version of the bill.
His objections center on two things. First, the bill lets crypto companies pay interest on user deposits. Second, he says crypto firms are not held to the same anti-money laundering and capital reserve standards as banks.
“The banks will not accept it that way,” Dimon said. He was direct about Coinbase CEO Brian Armstrong’s lobbying effort: “No one is going to bow down to this guy or that company.”
Where Things Stand Now
Treasury Secretary Scott Bessent has urged both chambers to move the bill forward. After his statement, Polymarket odds for CLARITY Act passage in 2026 climbed to 60%.
Senator Lummis has also tied the bill to President Trump’s broader crypto strategy, urging lawmakers to send it to his desk.
The next few weeks will show whether Congress can find the floor time to act.
