Key Takeaways
- The House Financial Services Committee has set July 14 and July 17 hearings touching Fed policy and the CLARITY Act.
- Fed Chair Kevin Warsh will testify July 14, sharing the spotlight with the crypto market-structure push.
- Lummis is targeting a Senate floor vote before the August recess, with the bill needing 60 votes.
A Packed July Calendar
The legislative fight over U.S. crypto market-structure rules now runs through a busy July schedule as the House Financial Services Committee is set to hold a July 14 hearing on the Federal Reserve’s semi-annual Monetary Policy Report, the session at which new Fed Chair Kevin Warsh is due to deliver his first congressional testimony. The committee is also planning a July 17 hearing in New York focused on how the CLARITY Act could shape digital-asset and financial innovation.
The back-to-back hearings give the bill’s supporters a high-profile venue to make their case at a moment when momentum has been building but a final vote remains elusive. The July 17 session, held outside Washington, is designed to spotlight the industry’s economic stakes and the cost of continued regulatory uncertainty.
For Lummis, the hearings are a chance to keep the pressure on. The Wyoming Republican has cast the coming weeks as decisive, arguing that the window to pass comprehensive crypto legislation this year is narrow and closing.
‘We Are Not Doing That With Digital Assets’
Lummis has sharpened her rhetoric as the calendar tightens and in one of her bluntest verbal offerings, she rejected the idea that the United States should let others govern technology Americans helped pioneer, stating:
“The U.S. did not invent the internet and then hand it to someone else to govern. We are not doing that with digital assets either.”
The remark distills her central argument, which is that without clear federal rules, the United States risks ceding its lead in digital assets. She has repeatedly warned that legal uncertainty is pushing developers and crypto firms to friendlier jurisdictions, and that Congress must act before that drift becomes permanent.
The senator has also tied the bill to a broader competitiveness case, contending that clear rules would keep Bitcoin and open-source developers based in the United States rather than driving innovation, jobs, and investment offshore.
Where the Bill Stands
The CLARITY Act has already advanced out of the Senate Banking Committee and been placed on the Senate legislative calendar, putting it in line for a full floor vote. But getting it across the finish line has been another matter. The measure needs 60 votes to clear the Senate, and would then have to be reconciled with the version the House passed in 2025 before it could reach the president’s desk.
Lummis has placed the more likely floor-vote window before the August recess, posturing that deadline as a forcing function. Industry advocates have echoed the urgency, warning that a missed window could delay comprehensive crypto rules for years and leave the market operating under a patchwork of state regulations.
Supporters outside Congress have continued to press lawmakers as well, with Michael Saylor arguing that clear rules could unlock institutional markets for BTC and related products, adding to a coalition that has urged the Senate to move quickly.
The next verified step is the July round of hearings, beginning with Warsh’s July 14 testimony and continuing with the July 17 session on digital-asset innovation. Those hearings will set the tone heading into any floor vote, and lawmakers will face questions about both monetary policy and the long-delayed effort to write rules for digital assets.
