Senate leaders have only hours to secure a procedural path for a CLARITY Act vote before lawmakers leave Washington, with the chamber’s state work period beginning August 10. Bitwise Chief Investment Officer Matt Hougan argues that while passage would be the best outcome for the industry, a clean failure could prove better than months of unresolved negotiations, as professional investors are holding back capital while the bill’s fate remains uncertain. Polymarket data shows the bill’s 2026 enactment odds have dropped to just 14%, down from over 80% in February. The House passed the legislation 292-134 in July 2025, and the Senate Banking Committee approved an amended version 15-9 in May, but Democratic demands for stronger ethics, investor-protection and national-security provisions have prevented the bill from reaching the 60-vote threshold.
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