[Digital Today reporter Yoonseo Lee] The U.S. House Financial Services Committee has decided to hold a hearing on the Clarity Act, a crypto market structure bill, in New York on July 17 local time. That makes it far less likely the legislation could be completed before July 4, as previously discussed.

CoinPost, a blockchain media outlet, reported that with the House committee calendar reset, coordination of language between the House and Senate and the Senate floor vote process have emerged as key variables.

The Clarity Act establishes a dual regulatory framework under which cryptocurrencies such as bitcoin would fall under oversight by the U.S. Commodity Futures Trading Commission, while cryptocurrencies that qualify as investment contracts would be handled by the U.S. Securities and Exchange Commission. The bill aims to clarify long-uncertain jurisdiction between the CFTC and SEC and to put the U.S. crypto business environment on an institutional footing.

The House already passed an earlier version of the bill in July 2025 with a bipartisan majority of 294 votes in favor and 134 against. The Senate is reviewing a separate revised version, meaning both chambers must pass the same text again for final enactment. The House hearing is also seen as a move with re-approval procedures in mind after adjusting the content to match the Senate version.

Patrick Witt (패트릭 위트), executive director of the White House crypto committee, presented a goal of enacting the bill by July 4 at the Consensus conference on May 7. Given the current congressional calendar, meeting that deadline is not easy. With the House hearing set for July 17, plans to handle it before U.S. Independence Day have effectively retreated.

Senate procedures have also yet to be wrapped up. The Senate Banking Committee passed the bill on May 14 by 15 votes to 9 and put it on the legislative calendar, but moving to a floor vote requires securing a bipartisan 60 votes on a cloture motion. Crypto in America and Crypto News, among other foreign media outlets, reported that as of the 20th the vote schedule had still not been set.

Three obstacles remain. First, a bipartisan agreement has not been formally confirmed at a level that would translate Banking Committee yes votes into support for a floor vote. Work also remains to merge into one text the Senate language drafted separately by the Banking Committee and the Agriculture Committee. Coordination between committees over the division of authority between the CFTC and SEC typically requires working-level negotiations lasting several weeks.

Ethics provisions also remain a hurdle. Senator Kirsten Gillibrand said she could support a vote only if the bill includes a provision explicitly banning senior public officials from profiting from holding cryptocurrencies while in office. That demand is seen as a factor that directly affects securing 60 votes in the Senate.

In addition, a coalition involving gaming industry groups, tribal governments and labor unions is calling for the addition of a provision banning prediction markets targeting sports and competitive events. That means more items must be coordinated before the bill reaches the Senate floor.

The market views the bill's prospects as low. Prediction market platform Kalshi put the probability of passing the Senate by August at 22 percent. Against this backdrop, the Clarity Act is seen as key legislation that would divide the U.S. crypto regulatory framework, but it appears it must clear procedural hurdles including counting Senate votes, consolidating text across committees and negotiating additional provisions before it can be enacted.