The White House said this week is a critical turning point for the Clarity Act, a bill to reshape the regulatory framework for the crypto industry. White House crypto adviser Patrick Witt said the administration can no longer afford delays. The bill passed the House last July but faces a 60-vote hurdle in the Senate. Prediction market Polymarket put the chance of enactment this year at 40 percent, reflecting doubts about Senate passage.

The U.S. crypto market structure bill known as the Clarity bill faces a four-week window before Congress breaks for its August recess. The Senate returns on July 13 and must decide whether to act by Aug. 7, its last scheduled working day before the break. Key issues include a provision on money transmitter rules for developers and a separate ethics clause tied to Trump family crypto businesses.