Hagerty Pushes for CLARITY Act Passage Before July 4 Recess

Negotiations are ongoing, with the debate shifting toward ethics and conflict-of-interest rules for government officials. David Nage of Arca notes that industry stakeholders and lawmakers are largely in agreement on core structural elements, suggesting that the primary friction point now lies in how to enforce restrictions on official participation in crypto markets rather than the fundamental market framework itself.

Despite Hagerty’s optimism, the legislative timeline remains contested. Senator Cynthia Lummis has signaled that a floor vote may realistically slide toward the August recess, while others warn that failure to act now could push meaningful reform as far back as 2030. Industry advocates, including Kristin Smith of the Solana Policy Institute, argue that this regulatory clarity is the missing piece for institutional capital deployment. The proposed bill would grant the SEC and CFTC defined oversight roles and includes $150 million in funding to combat illicit digital asset activity.