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.

April 22nd — CoinDesk reports the highly anticipated U.S. cryptocurrency industry’s *Digital Asset Market Structure Clarity Act* has little chance of advancing in April. But lobbyists tracking the bill’s progress and a congressional aide say a Senate committee is expected to hold a hearing sometime in May; the key market structure legislation still has a “survival” shot so long as it secures a full Senate vote by July. The Senate aide noted the bill could face an additional few weeks of delay to let Republican Sen. Thom Tillis wrap up discussions with the banking industry on stablecoin yields, but it hasn’t reached a point of no return. Earlier negotiations over the DeFi protection clause are largely settled. The crypto industry’s top hurdle is the banking sector’s pushback against stablecoin rewards — banking lobbyists fear the stablecoin reward model could mirror deposit yields, threatening their business models. Post-August, the Senate will enter midterm election mode, with only roughly 12 working weeks remaining before the polls. During that window, lawmakers still need to address issues including Homeland Security appropriations, Iran-related legislation, voter ID bills, and former President Trump’s nomination of Kevin Warsh as Fed Chair. If the bill clears the Senate Banking Committee, it will need to be reconciled with the Senate Agriculture Committee’s version, then pass the House again before Trump could sign it into law. Crypto investment firm Galaxy will release a research report this week estimating the *Clarity Act* has a roughly 50-50 chance — or lower — of being signed into law by 2026.