U.S. Senator Bernie Moreno has revealed the timeline for the CLARITY Act’s approval. He believes that the crypto bill should soon reach the Senate and then the White House.
Senator Sheds Light On Expected Timeline For CLARITY Act Passage
In a video posted by Solana, Moreno credited U.S. President Donald Trump with growing progress in the crypto regulation space. He said, “Because of President Trump, we’re making a lot of progress.” He also remarked on the fate of the CLARITY Act.
Moreno added, “we passed the GENIUS Act, next week we’re going to mark up the CLARITY Act in the Senate, which is a big deal.”
However, the markup schedule has not yet been announced. Nonetheless, experts expect that the Senate markup on CLARITY Act should commence in May.
Moreno also accepted procedural complications. He further added, “a bunch of committees have jurisdiction, so we have to put it all into a tidy package.” Still, he remained confident on a speedy approval. He said that the CLARITY Act could “the President’s desk before the end of June” and will be “signed into law before July 4th.”
The data on prediction markets is an indicator of a change in the mood concerning the legislation. The likelihood of the CLARITY Act passing recently rose to as high as 69%, before stabilizing in the low 60% range. The increase comes as banks and crypto entities reached a compromise on the stablecoin yield.
Political Headwinds Influence The Urgency
It is also the political environment that is influencing the urgency of the bill. Galaxy Digital’s Alex Thorn wrote that timing is everything. He said that “one reason that CLARITY matters NOW is that the race for senate control is tight.”
Thorn cited situations where Sherrod Brown or Elizabeth Warren are competing for the Senate Banking Committee leadership in midterm elections. If Democrats win, Warren would take over the committee. Thereafter, the CLARITY Act could take a different direction owing to Warren’s anti-crypto stance.
Nonetheless, Senate Banking Committee Chairman Tim Scott noted that the bill has advanced to the “red zone.” It means that the committee is on the verge of making a decisive move.
The CLARITY Act has already passed the House with a bipartisan vote. Hence, Senate leaders are now working to gain full Republican support before a potential vote.
