CLARITY Act Senate Timeline Collapses as Democrats Reject Ethics Provisions and Majority Leader Confirms August Miss

The CLARITY Act is advancing through a turbulent Senate gauntlet, with shifting passage odds, mounting opposition, and hard recess deadlines defining its path to crypto market structure law.

Senate Majority Leader John Thune confirmed the CLARITY Act is not expected to pass before Congress's August recess, with Polymarket prediction-market odds for passage falling from approximately 53% to 33% following release of the updated draft. Key Democratic senators, including Elizabeth Warren and Representative Gallego, formally rejected the ethics provisions as insufficient, with Warren citing Trump's reported $1.4 billion in crypto earnings and framing the bill as benefiting 'criminals and cartels.' Goldman Sachs CEO David Solomon publicly backed the bill despite broader banking-industry concerns over stablecoin rules, while the U.S. Hispanic Chamber of Commerce separately wrote to the Senate warning the legislation could accelerate deposit outflows.