CLARITY Act Still Awaits Senate Progress a Year After House Passage

House lawmakers held a hearing at New York's Federal Hall National Memorial on July 17 to discuss how the CLARITY Act could establish clearer rules for the digital asset market. According to Odaily, House Majority Whip Tom Emmer said nearly 80 Democrats and Republicans voted for the CLARITY Act, but the Senate has not made measurable progress. The hearing included representatives from Nova Labs, Bullish, WisdomTree, and Coin Center. House Financial Services Committee Chair French Hill said that even if GENIUS and dollar-backed stablecoin laws are in place, the digital asset ecosystem still lacks the rules needed to support its operation. Senator Cynthia Lummis said on July 14 that the Senate version of the CLARITY Act was ready and that the bill text would be released within days.