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The House Financial Services Committee will hold a field hearing in New York City on July 17, titled “Building the Future of Finance: How the CLARITY Act Unlocks Innovation,” announced by Committee Chairman French Hill.
The hearing is the second of a back-to-back policy push. On July 14, the committee will hold its formal hearing on the US Federal Reserve’s semi-annual monetary policy report, at which Kevin Warsh will deliver his first congressional testimony as Fed chair. The CLARITY Act hearing, three days later, gives supporters a sequenced argument: monetary policy context on July 14 and market structure specifics on July 17.
The New York location is deliberate. Washington hearings carry institutional weight; New York field hearings signal that the committee wants to be seen engaging directly with the financial industry rather than lecturing it from Capitol Hill.
The House passed its version of the CLARITY Act in July 2025 by a vote of 294-134, making the July 17 hearing more of a messaging exercise than a legislative gate. The execution event is the Senate floor vote.
To become law, the bill must clear a 60-vote Senate cloture threshold, be reconciled with the Senate Agriculture Committee’s version, be harmonized with the House-passed text, and be signed by the president. Republicans hold 53 seats, meaning at least seven Democratic crossovers are required.
The Senate Banking Committee advanced the bill 15-9 on May 14, with all 13 Republicans joined by two Democrats who indicated their committee votes did not guarantee Senate floor support without further progress on outstanding issues, particularly an ethics provision addressing government officials’ crypto ties.
On June 1, a revised Senate Banking bill was published and placed on the Senate Legislative Calendar under General Orders, making it formally eligible for a floor vote.
Four law enforcement organizations sent a letter today warning that Section 604, the Blockchain Regulatory Certainty Act provision within the CLARITY framework, along with other sections of the bill, could create gaps in Anti-Money Laundering (AML) and counter-terrorism financing oversight.
Senators Mark Warner and Catherine Cortez Masto have tied their floor support to law enforcement’s sign-off on Section 604. A coalition declaring the issue unsettled directly complicates that arithmetic and pushes back on recent administration signals that disagreements had narrowed.
🚨NEW: In a letter to administration officials, a group of four law enforcement organizations say they remain concerned about certain provisions in the Clarity Act, including Section 604 (the Blockchain Regulatory Certainty Act), arguing it would create gaps in oversight and… pic.twitter.com/y8FQ0HKjp0
— Eleanor Terrett (@EleanorTerrett) June 23, 2026
Additional unresolved areas include differences between Banking and Agriculture Committee language, decentralized finance treatment, and stablecoin yield provisions. Banking organizations continue lobbying senators over whether stablecoin issuers should be allowed to offer yield-bearing products that compete with traditional bank deposits.
Senator Cynthia Lummis has set the end of July as a hard deadline, warning that missing the pre-recess window could delay enforceable digital asset market structure rules until 2030. More than 100 crypto companies have urged the Senate to advance the bill.
Galaxy Research’s Alex Thorn has lowered his odds of the CLARITY Act passing in 2026 to 60% from 75%, citing a worsening Senate calendar, delays caused by the failed FISA reauthorization vote, and a lack of progress on key issues such as ethics and illicit finance, though he remains cautiously optimistic about the bill’s prospects.
i just sent this note to clients lowering my odds of 2026 clarity act passage from 75% immediately post-markup to 60% today
i said in may that the senate calendar was one of the biggest hurdles, and that picture has worsened. last night the FISA reauth vote failed, so now next… pic.twitter.com/2EcxMb3Hwh
— Alex Thorn (@intangiblecoins) June 5, 2026
Polymarket currently prices CLARITY Act passage this year at 43%, down sharply from a month ago. This reflects the same uncertainty in a different form: One quantifies the upside scenario, and the other prices the base case.
The July 17 hearing will not resolve Section 604, stablecoin yield, or the Democratic crossover math. What it will do is establish, for the first time in this legislative cycle, whether the House is prepared to accelerate reconciliation the moment the Senate moves, or whether it intends to treat the bill as a messaging vehicle for the midterms rather than a law it expects to pass this summer.
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