Public debate on the U.S. crypto market structure bill known as the CLARITY Act has shown no progress for a month, rapidly narrowing the chances of legislation before the election.

CoinDesk reported on April 26, local time, that the bill is unlikely to be handled within this month and that Congress does not have much time left on its calendar.

The key is the schedule. The period from last December through Memorial Day on May 25 has been cited as a de facto deadline for making progress on the bill before the election. Once summer begins, lawmakers leave Washington to focus on campaigning, leaving less time for major legislative discussions, including crypto bills.

The bill is largely aimed at writing into law the market structure principles and regulatory framework the crypto industry has sought. Various positions expressed at the Securities and Exchange Commission are not permanent guidance, and formal rulemaking would require a public comment process, taking more time. That is why concerns are being raised that if legislation fails, the same debate could be repeated years later.

The industry is pressing hard for legislation. More than 100 industry groups signed an open letter last week asking the Senate Banking Committee to hold a markup hearing. That process is seen as the first step toward passage of the full bill. It is still unclear when the Senate Banking Committee will actually move.

Issues also remain. In current Senate talks, the question of allowing stablecoin yield continues to be at the center of the conversation. Other unresolved matters have also not been publicly整理ed. Even if those issues are resolved, the House would have to vote on the bill again.

French Hill (프렌치 힐), chairman of the House Financial Services Committee, said earlier this month that the House version had largely整理ed major issues surrounding stablecoin sales practices and decentralised finance, or DeFi. He said he believes the Senate can find common ground, adding the Senate has incorporated much of the House's work in the previous session's FIT21 bill and the current session's CLARITY bill. He also said that trend is evident in the Senate Agriculture Committee markup and in various components of the Senate bill draft.

The problem is that the congressional calendar is not favourable to bill discussions. Congress must handle the House budget bill before recess, and the Senate must also review whether to confirm Kevin Warsh as chair of the Federal Reserve. That means the crypto bill could be pushed down the list of priorities.

In these circumstances, timing and process are emerging as bigger variables than the substance of the CLARITY bill. The crypto industry wants a legal framework that a future administration cannot easily reverse, but with Senate delays and the need for a revote, passage before the election is hard to guarantee. For now, attention is expected to focus on whether the Senate Banking Committee actually begins the markup process and how quickly it can resolve remaining issues, including stablecoin yield.