The House Financial Services Committee has scheduled a hearing on the Digital Assets Disclosure Act (HR 3633) for July 17 in New York.
First introduced by House Financial Services Chairman French Hill on May 29, 2025, the CLARITY Act is the most important effort yet to create a strong regulatory framework for digital assets in the United States.
Its central approach is a legal separation: the Commodity Futures Trading Commission (CFTC) will have exclusive jurisdiction over digital markets for “digital assets” – especially Bitcoin – while the Securities and Exchange Commission (SEC) retains jurisdiction over digital assets that qualify as investment contracts.
That divide has been the cause of years of industry frustration. Without clear lines, firms face parallel pressures from both directions, slowing innovation and pushing development offshore. SEC and Treasury officials have urged Congress to address the issue, and the CLARITY Act represents the most concrete vehicle for doing so.
The bill has been gaining momentum through the 119th Congress. The Senate Banking Committee advanced the CLARITY Act 15-9 on May 14, with all 13 Republicans joined by two Democrats – although several committee members noted that their votes do not guarantee floor support without additional work on the ethics provision that addresses the financial obligations of government officials to crypto assets.
On June 1, the bill arrived on the Senate Legislative Calendar under General Orders (Calendar No. 423), making it officially eligible for full Senate consideration.
The way forward is without conflict. The bill still needs to clear the Senate’s 60-vote threshold, be combined with the Senate Agriculture Committee’s version, and be reconciled with the text passed by the House before heading to the president’s desk.
The House previously passed a proposal to develop the CLARITY Act in line with the GENIUS Act and the Anti-CBDC provisions, indicating a broader legislative desire for a package approach.
More than 100 crypto firms have urged the Senate to advance the bill, and despite early conflict over developer liability language — Coinbase briefly threatened to withdraw support — the industry coalition has largely cooperated.
Galaxy Research currently estimates a 60–75% chance of the bill becoming law by 2026, citing a likely presidential signature as early as the week of August 3. The July 17 hearing is expected to be a critical indicator of whether that timeline is met.
The Senate passes the Housing Act and advances the CLARITY Act
In a similar development, the Senate passed the 21st Century ROAD to Housing Act by a vote of 85-5 on June 22 – and included within the housing bill is a provision that prevents the Federal Reserve from issuing central bank digital currency (CBDC) until the end of 2030.
The bill’s language is specific: the Fed “may not issue or create central bank digital currency or any digital asset substantially similar to central bank digital currency directly or indirectly through a financial institution or other intermediary” — until December 31, 2030.
The House had already passed an Anti-CBDC measure alongside its GENIUS Act vote, and an earlier version of the House bill cleared the House 390-9 in February.
House GOP leaders have signed off on plans for a quick vote on the amended Senate bill when the chamber returns from recess on June 23.
With the support of the White House and unanimous support of the Senate, the CBDC ban now looks like it will reach the president’s desk along with the housing reform that must be passed.
