As debate around the CLARITY Act continues, Galaxy Digital’s Mike Novogratz said after meeting with 14 senators that the bill is down to three solvable issues, including ethics.
- Eleanor Terrett called the CLARITY Act's July 4 deadline "logistically impossible.”
- She said that they still needed an ethics solution, merging bills, and securing 60 votes, all within roughly two weeks, which seemed unlikely.
- However, Patrick Witt said the White House remains optimistic about July 4, describing daily progress.
Hitting the timeline of passing the CLARITY Act into law by July 4 is "logistically impossible," Journalist Eleanor Terrett said on Saturday.
Terrett wrote that doing so would require finding an “ethics solution both Republicans and Democrats can live with,” addressing issues in the Agriculture Committee's text, merging the separate bills, securing 60 votes, and then passing the legislation through both the Senate and House, all in roughly two weeks.
The White House, however, has continued to project confidence. Patrick Witt, the White House's digital assets executive director, joined the Crypto in America podcast and said that they are "still making great progress" across the three areas Democratic senators had raised, including the Agriculture Committee's text, ethics, and developer protections, describing it as a daily "trifecta" with groups at the table "trading paper."
He said he remains optimistic about hitting the deadline, though "a lot of work" is happening behind the scenes. Terrett's assessment, however, suggests that optimism may not be enough given how little time is left.
Different Timelines From Washington
Senate Banking Committee Chairman Tim Scott struck a more confident tone, saying on Thursday on Fox Business that the CLARITY Act "will pass" before the August recess and calling it "coming, period."
Galaxy Digital (GLXY) CEO Mike Novogratz struck a similar tone. Speaking on The Pomp Podcast on Saturday, he said he had spent 10 hours meeting with eight Democratic and six Republican senators working on the bill, adding, “Everyone left, and right wants to get this done.” He explained that the bill was now down to three remaining issues, including ethics, all of which he believes are solvable.
The Clock Is Ticking
The Senate has only a few weeks of floor time left before its August recess, after which the midterm campaign calendar takes over. Senator Cynthia Lummis has warned that failure to pass the bill before the August recess could push the next viable legislative window to 2030.
That urgency is reflected in how the odds have shifted. On prediction markets, Galaxy Digital has revised its own odds of 2026 passage down to 60%, while Polymarket prices it at roughly 51%, both citing the tight Senate calendar.
Bitcoin’s price (BTC) was trading around the $64,000 level, up by 1% during the past 24 hours. On Stocktwits, the retail sentiment around BTC remained in the ‘neutral’ zone, while chatter around it stayed ‘low’ over the past day.
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