The push to pass the Digital Asset Market Clarity Act before the August recess is not over, according to Kristin Smith, one of the crypto industry’s leading lobbyists.
Smith, who also expressed optimism about the bill’s passage in a recent interview with Fox Business, recently took to X to reject concerns about the bill losing momentum.
The comments came after Senate Majority Leader John Thune told reporters that lawmakers likely would not be able to pass the Clarity Act before the Senate leaves Washington for its August break.
"I don’t think we’ll be able to get them done. I would like to at least get Clarity started. We’ll see where the votes are," Thune said, referring to the Clarity Act and other legislative priorities.
The August 7 recess had been viewed by crypto advocates and lawmakers as a key deadline for reaching a deal, with several senators using the timeline as pressure to finalize negotiations.
If we don’t have a positive vote before the August break, I think the odds shift against us,” Sen. John Kennedy (R-La.) previously warned.
However, the crypto industry’s top lobbying voices remain optimistic. After holding multiple conversations following Thune’s remarks, one prominent crypto advocate argued that the situation had been misinterpreted and that a path forward still exists.
“There is a clear path to pass the Clarity Act before the recess on August 7 – and we must seize it,” the lobbyist said. “To the crypto community: This is our moment. We can get this done.”
The renewed optimism comes as negotiations around the bill continue, with lawmakers attempting to resolve remaining disagreements over crypto market structure and enforcement provisions.
Alex Thorn, head of research at Galaxy Digital, has now lowered the odds of the bill's passage to just 30%, adding that there is a need for a "last-ditch" effort.
Some glimmers of hope
In the meantime, a key law enforcement organization has also thrown its support behind the latest version of the Clarity Act.
The National Fraternal Order of Police said revised language related to the Blockchain Regulatory Certainty Act (BRCA) addresses its previous concerns.
The backing could still strengthen the case for passing the bill.
As reported by U.Today, Goldman Sachs CEO David Solomon has also endorsed the bill.
Solomon said he is "very supportive" of moving the Digital Asset Market Clarity Act forward, arguing that clearer rules would provide the regulatory certainty needed for financial institutions to participate in blockchain markets.
While acknowledging that the bill is not perfect, the Goldman chief said establishing a market structure framework would help accelerate innovation.
However, traditional banking groups fiercely oppose the bill, and it looks increasingly likely that they are going to prevail.
Dan Burgin
U.Today Editorial Team
