[Digital Today reporter Yoonseo Lee] Crypto exchange Coinbase maintained optimism that the U.S. crypto market structure bill known as the Clarity bill could pass before the August recess.

On Aug. 4, blockchain outlet U.Today reported that Coinbase Vice Chair Ryan VanGrack said in an interview with CBS News that the bill is on track to pass before the August recess.

VanGrack said recent prospects for passage had weakened but it was not yet time to be pessimistic given the nature of the legislative process. "In Washington politics, last-minute negotiations and compromises are routine," he said, adding that legislation does not move forward in a straight line.

Coinbase sees much of the bill as largely settled. VanGrack said a bill containing customer protections and law enforcement tools is already in place, noting it is the product of broad negotiations between Republicans and Democrats. With a bill running hundreds of pages already prepared, he said most substantive content has been settled.

The core of the Clarity bill is to clarify which regulatory category crypto-related activity should fall under. VanGrack said 15 years after crypto emerged, work has not been done to determine which category of the existing regulatory system this new technology fits into. He said it would make clear who investors and innovative firms should deal with going forward and which regulations they must follow.

Coinbase again highlighted that the industry is not trying to avoid regulation. The industry wants regulation and is not pushing back against it. VanGrack added that Coinbase had even filed a lawsuit against the U.S. Securities and Exchange Commission to establish rules and regulations.

The situation in the Senate is not easy. Senate Democratic leaders are trying to delay a vote on the Clarity bill, saying it is too early to proceed with the process before the White House responds to a bipartisan ethics proposal. Senate Majority Leader John Thune, meanwhile, maintained that the vote would proceed as scheduled.

Coinbase Chief Executive Brian Armstrong is also increasing pressure on lawmakers. He has publicly highlighted that the longer the bill is delayed, the longer regulatory uncertainty in the United States could persist.

Market sentiment is also wavering. Bernstein warned that if the Clarity bill does not pass, prolonged U.S. regulatory uncertainty could weigh on the value of crypto assets. It said unclear regulations could constrain both investment decisions and business efforts.

The prediction market Polymarket also reflected the mood. The chance that the Clarity bill will be enacted into law in 2026 fell to 24 percent. That was sharply lower than 57 percent in early June.

In this situation, the direction of the Clarity bill is emerging as a factor that will determine the pace of efforts to overhaul the U.S. crypto regulatory system. The next points to watch are whether a procedural vote in the Senate will actually proceed and whether bipartisan agreement will carry through to the final legislative stage.

My colleagues report that Senate Democratic leadership is trying to delay a procedural vote on the Clarity Act, calling the move premature and urging Thune to wait until the White House responds to a bipartisan ethics proposal. Thune maintained Monday night the vote will happen https://t.co/iy6sWvfzAj pic.twitter.com/s61jwpuR9l