Policy
June 13, 2026
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Key Takeaways
- Eleanor Terrett says the CLARITY Act’s July 4 deadline is “logistically impossible” due to unresolved ethics rules covering crypto profits by senior officials, including the president
- The bill cleared committee 15-9 on May 14, with XRP rallying to $1.52, and Galaxy puts 2026 passage odds at 75% with Polymarket at 59%
- Lummis warns that missing this window pushes the bill to at least 2030, while 60+ firms, including Coinbase and Kraken, urge the Senate to keep developer protections intact
The White House had hoped to sign the CLARITY Act into law by July 4, tying the legislation to the country’s 250th anniversary celebrations. This timeline is becoming increasingly difficult to meet. While the bill has advanced through Congress, lawmakers are still negotiating several unresolved provisions. This includes restrictions on whether senior government officials can profit from crypto assets while helping shape the rules that govern them.
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Why Eleanor Terrett Says Passing the Bill in Two Weeks Is “Logistically Impossible”
Crypto journalist Eleanor Terrett believes the July 4 target is no longer realistic. In a recent post on X, Terrett said Congress would need to resolve disagreements over ethics language, agriculture committee provisions, differences between the House and Senate versions of the legislation, and secure enough votes to overcome a Senate filibuster. All of this would need to happen before lawmakers leave for the holiday recess.
The ethics provision has become one of the main sticking points. Democrats have pushed for stronger crypto ethics rules that would limit the ability of senior officials. This includes the president, to benefit from crypto investments while overseeing digital asset policy.
The debate has landed at an awkward moment for the administration. The legislation has a lot of support across much of the crypto industry. But some lawmakers want tighter safeguards around potential conflicts of interest before backing a final deal.
The bill has already cleared important stages. The House approved its version in 2025. Meanwhile, the Senate Banking Committee advanced its version by a 15-9 vote on May 14. This committee result sparked a rally in XRP, which climbed to $1.52 as traders increased bets on future regulatory clarity. At press time, the asset was trading at $1.22 following a staggering 7% uptick.
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Why the Industry Is Watching the Vote Closely
The upcoming CLARITY Act vote carries significant implications for several major digital assets. Under the proposal, XRP, ADA, HBAR, and XLM would receive statutory recognition as digital commodities and fall under CFTC oversight. For years, those classifications have largely depended on regulatory interpretation and court decisions. The legislation would place them into federal law.
For XRP in particular, supporters see the bill as a way to permanently establish the digital commodity status. This is instead of leaving the issue vulnerable to future regulatory changes.
The legislation also includes developer protections backed by more than 60 companies and industry groups. This includes Coinbase, Kraken, Bitwise, a16z Crypto, Uniswap, and Solana Labs. In a recent letter to Senate Majority Leader John Thune, the coalition urged lawmakers to preserve those provisions during negotiations.
Even if the CLARITY Act’s July 4 goal slips, the legislation is still moving through Congress. Galaxy Digital estimates a 60% chance of passage in 2026, while Polymarket currently places the odds at 50%.
A related Senate crypto bill must still clear procedural hurdles and attract bipartisan support before any final package reaches the president’s desk. Senator Cynthia Lummis has warned that failing to advance the legislation during the current window could push comprehensive crypto market structure reform several years down the road.
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