The CLARITY is one step closer to advancing in the U.S. Senate, as the Banking Committee has reportedly picked a date for the markup of the crypto bill. This comes as crypto traders bet that the bill will become law in the first half of next year.
Senate Banking Committee Reportedly Picks Markup Date For CLARITY Act
According to a Crypto in America report, senators on the Banking Committee picked January 15 for the markup of the crypto bill. However, the report noted that it remains unclear whether Republicans and Democrats have reached a common ground to support a bipartisan markup where senators from both parties could vote yes in support of the bill advancing to the Senate floor.
CoinGape reported that the CLARITY Act markup was delayed to next year after several issues stalled negotiations between both parties. These issues had bordered on the GENIUS Act’s stablecoin-yield restrictions, token classification, illicit finance, and ethics in the crypto bill.
However, this latest development suggests that the Republicans and Democrats have been able to reach a common ground. The crypto bill could head to the Senate floor once the Banking Committee votes on proposed amendments. Bipartisan support would be key at that stage, especially to avoid a similar delay the GENIUS Act faced.
The CLARITY Act could become the second major crypto bill to become law and provide a more comprehensive regulatory framework for the crypto industry than the GENIUS Act. Crypto ETF issuer Bitwise predicted that Ethereum and Solana could reach new highs if the bill passes and becomes law.
Crypto traders are currently betting that the crypto bill will become law in the first half of next year. Kalshi odds show a 42% chance the bill will become law before April, and a 69% chance it could become law before May.
Best-Case Timeline From Senate Markup
In an X post, market expert Rob Cunningham outlined the best-case timeline for the CLARITY Act to become law from the Senate markup. Based on this timeline, the crypto bill could pass between 30 and 45 days.
The first week will focus on Senate markups, with the Banking and Agriculture committees completing their respective markups. Cunnigham noted that amendments will have to be pre-negotiated to avoid floor surprises. This will then lead to a clean and reconciled Senate version that aligns with both parties.
The second week will focus on the Senate floor vote, which the expert noted will need the Senate leadership to fast-track the crypto bill if the CLARITY Act is to pass within this timeline. He also highlighted the importance of amendments to the bill not deviating too much from the U.S. House’s version.
If that happens, Cunningham expects the House to concur with the Senate changes, which would ensure the bill can pass on the House floor in days without the need for a formal conference committee.
However, he noted that a short conference committee with the report adopted quickly by both chambers can lead to the crypto bill passing within this timeline. Once this happens, Trump could sign the CLARITY Act into law in the fourth week, ensuring that the crypto bill passes within 45 days.
