Analysis: The **CLARITY Act** still has a chance of passing, but it will need to receive a full up-or-down vote in the Senate in July.

BlockBeats News, April 22nd. According to CoinDesk, the highly anticipated U.S. cryptocurrency industry's "Digital Asset Market Structure Clarity Act" has little hope of advancing in April. However, lobbyists focused on tracking the progress of the bill, along with a congressional aide, stated that a Senate committee is expected to hold a hearing at some point in May, with the key market structure legislation still having a "survival" chance as long as it can receive a full Senate vote in July.

The Senate aide mentioned that to allow Republican Senator Thom Tillis to conclude discussions with the banking industry regarding stablecoin yields, the bill may face another delay of a few weeks, but it has not reached an irreparable point. Earlier negotiations on the DeFi protection clause have been largely settled. The main obstacle faced by the cryptocurrency industry is the banking industry's opposition to stablecoin rewards—the banking lobby is concerned that the stablecoin reward mechanism may resemble deposit yields, threatening their business models.

After August, the Senate will shift into midterm election mode, with only about twelve working weeks left before the elections. During this time, they still need to address issues such as Homeland Security appropriations, the Iran war, voter ID legislation, and Trump's nomination of Kevin Warsh as the Fed Chair. If the bill is approved by the Senate Banking Committee, it will need to be reconciled with the Senate Agriculture Committee version, then pass through the House again before being signed by Trump. Crypto investment firm Galaxy will release a research report this week, stating that the probability of the "Clarity Act" being signed into law by 2026 is roughly 50-50, or even lower.