McHenry Sees Clear Skies for CLARITY Act Passage

Former House Financial Services Committee Chairman Patrick McHenry believes that the passage of the CLARITY Act is 'a question of when, not if.' In an interview with Bloomberg, McHenry compared the bill to the 1996 Telecommunications Act, which set the ground rules for the internet era. He argued that the framework in the CLARITY Act can ensure entrepreneurs feel confident in creating jobs and building businesses without fear of arbitrary or unexplained crackdowns.

The Senate Banking Committee advanced the Digital Asset Market CLARITY Act by a bipartisan 15-9 vote on May 14, but a floor vote remains undecided. Senate Majority Leader John Thune said this week that the bill is likely to miss its window before Congress's August recess, though he'd still like to 'at least get Clarity started' on the floor.

Grassroots pressure has kept pace with the delays as the advocacy group Stand With Crypto logged 950,000 contacts to lawmakers pushing for a vote. Coinbase CEO Brian Armstrong said the bill is ready for the full Senate floor.