Patrick McHenry, former chairman of the House Financial Services Committee, expressed strong confidence that the CLARITY Act will become law, stating to Bloomberg that its approval is "a question of when, not if." This marks a notable public assertion from one of the bill’s main proponents, despite ongoing delays in the Senate.
McHenry likened the CLARITY Act to the 1996 Telecommunications Act, which laid the foundation for internet regulation. In a recent op-ed for Fortune, he emphasized the bill’s potential to foster innovation by providing clear rules for digital assets, helping entrepreneurs create jobs without fearing unpredictable crackdowns. He framed the legislation as a key moment for the United States to maintain its lead in technology and finance rather than falling behind faster-moving global competitors.
However, progress in the Senate remains uncertain. The Senate Banking Committee approved the bill with a bipartisan 15-9 vote back in May, but unresolved issues such as government ethics rules around officials’ crypto holdings and stablecoin yield regulation have stalled its advance. Senate Majority Leader John Thune indicated that the bill likely will not reach a floor vote before the August recess, although he hopes to at least begin debate before lawmakers leave.
Meanwhile, pressure from grassroots campaigns continues to push for action. The advocacy group Stand With Crypto has delivered nearly one million messages to Congress urging a vote, with Coinbase CEO Brian Armstrong also affirming the bill’s readiness for the Senate floor.
McHenry’s optimism aligns with other influential figures in the crypto space betting on the bill’s eventual passage, underscoring the growing momentum behind clearer regulation of digital assets in the United States.
