Sen. Bernie Moreno (R-Ohio) said Tuesday that the CLARITY Act—a key piece of cryptocurrency legislation—could be signed into law by President Donald Trump in the first week of July. Speaking at the Solana Accelerate USA event in Miami, Moreno noted strong progress and indicated the bill could be marked up as soon as next week.
“We have to merge it with, not to give you all the inside baseball, but there are a bunch of committees that have jurisdiction, so we have to put it into a tidy package. But we’ll get it on the president’s desk before the end of June and he’ll sign it into law before July 4th,” said Moreno, who sits on the Senate Banking Committee.
Moreno added that all outstanding issues—including the key sticking point on stablecoin yields—have been resolved. A compromise text in the legislation would ban cryptocurrency firms from offering rewards that are “economically or functionally equivalent” to deposit interest. Sen. Thom Tillis (R-N.C.), who worked with Sen. Angela Alsobrooks (D-Md.) on the compromise, said the revised text addresses the “core concern” over deposit flight.
But banking groups aren't happy. They argue the proposed language “falls short” of protecting bank deposits. Moreno dismissed their opposition: “Look, the banks were never going to be happy. They wanted the full repeal of genius, and they really don’t want Clarity to pass because they don’t want what they view as legitimizing an industry that is a threat to them.”
Interestingly, crypto exchange Coinbase Global Inc. (COIN), which withdrew its support for the bill in January, is now backing its advancement. The CLARITY Act aims to establish a federal regulatory framework for digital assets. Trump, who campaigned on a pro-cryptocurrency platform, supports the bill.
The Senate Agriculture Committee oversees CFTC jurisdiction over commodities, including spot crypto markets, while the Senate Banking Committee handles SEC oversight of securities-related digital assets. The versions from both committees must be combined before the full Senate can consider the bill. If the timeline holds, the crypto industry could see its first major federal regulatory framework signed into law by Independence Day.
