The U.S. crypto market structure bill — also called the CLARITY Act — is slated for a field hearing by the U.S. House of Representatives in New York next week. After missing the July 4 deadline for its 60-vote Senate hearing, the bill has until August 9 before the Senate breaks for its summer recess.
Congressman French Hill, who introduced the CLARITY Act into the U.S. House of Representatives, revealed the New York hearing on Friday during a televised interview.
During the interview, the Republican Congressman said, “We’re coming to New York next week to have a field hearing led by Brian Stile, our subcommittee chair on digital assets, to highlight why this is so important to have a market framework. We’ve got to get beyond concerns that some have about ethics.”
The ethics provision in the CLARITY Act has remained a controversial topic for months. If introduced, it would restrict public personalities including politicians like President Donald Trump from issuing their own crypto tokens and memecoins in order to profit from their hypes.
Fox Business, that was interviewing Hill, quoted a recent conversation with CFTC chairperson Michael Selig who recently said that CLARITY Act is being derailed by the Democrats as they keep pushing for this ethics provision in a bill meant to establish basic consumer protection standards.
As per Congressman Hill, if the CLARITY Act was passed last year, crypto activities like memecoin issuance, co-investments, use of exchanges, and investing in exchanges, would have been under a market framework of regulation with clarity.
“…And that would bring provide a lot of transparency to people that are concerned about the Trump family’s investments,” he jabbed.
Despite what appears to be a steady political backing, recent estimations by Galaxy Research lowered the likelihood of the CLARITY Act passing in 2026 to 50 percent, down from 60 percent. Galaxy largely owed this chance reduction to the Senate’s congested legislative schedule.
Congressman Hill said that he has encouraged the Senate leadership to put it on the floor this summer. He noted that if a floor date is scheduled for July, then the final discussions could take place before the recess.
“You’ve got to have a deadline in Congress to get people to move and find consensus,” he stated.
The CLARITY Act has been laid out in a 309-page draft that details topics like asset clarification, stablecoin yields, banking integration, staking protections, and developer protections among others. The aim is to shape up the crypto market structure in the U.S.
The Senate committees of agriculture and banking have drafted this bill in a collective effort. Once the Senate clears it with the 60-vote requirement, it will be headed to President Trump’s office for its singing into a law.
