Patrick McHenry, former chairman of the House Financial Services Committee, told Bloomberg that passage of the CLARITY Act is 'a question of when, not if.' The Senate Banking Committee advanced the Digital Asset Market CLARITY Act by a 15-9 vote on May 14, with Democratic senators Ruben Gallego and Angela Alsobrooks joining Republicans in support. Senate Majority Leader John Thune said this week the bill is likely to miss its window before Congress's August recess. McHenry's statement represents the most confident public projection yet from one of the bill's chief architects. The legislation has stalled over unresolved disputes including government ethics provisions limiting officials' crypto holdings and how stablecoin yield should be treated under the new framework.
McHenry Compares CLARITY Act to Telecommunications Act of 1996
McHenry made his case in a July 16 op-ed for Fortune, where he argued the CLARITY Act represents a regulatory overhaul on par with the Telecommunications Act of 1996, the law that set the ground rules for the internet era. He wrote: "The framework in the CLARITY Act can ensure entrepreneurs feel confident in creating jobs and building businesses without fear of arbitrary or unexplained crackdowns." His argument centers on competitiveness, stating that Congress now stands at a crossroads where the United States can either remain the world's technological and financial capital by writing clear rules for digital assets, or cede ground to jurisdictions that are already moving faster. McHenry helped shepherd the CLARITY Act through the House in 2025.
![Patrick McHenry's opinion on how quickly the Clarity Act will pass.]()
Senate Banking Committee Advances Bill 15-9 on May 14
The Senate Banking Committee advanced the bill by a bipartisan 15-9 vote on May 14. Since then, the bill has stalled repeatedly over unresolved disputes. Senate Majority Leader John Thune told reporters he'd still like to "at least get Clarity started" on the floor before lawmakers leave town. Grassroots pressure has kept pace with the delays as the advocacy group Stand With Crypto logged 950,000 contacts to lawmakers pushing for a vote, with Coinbase CEO Brian Armstrong saying the bill is ready for the full Senate floor.
Treasury Secretary Bessent and Industry Analysts Issue Prior Predictions
McHenry is not the only prominent voice projecting eventual passage. Less than 72 hours before McHenry's Bloomberg interview, Treasury Secretary Scott Bessent described the bill's progress as being at the "one-yard line." Crypto policy analyst Sandra Ro told media in April that the bill could pass by July "if lucky," a deadline that is now nearing its end. The most immediate test of McHenry's "when, not if" statement will be whether Thune finds floor time before the recess or punts the bill into September, when the Senate returns for a three-week session. The 1996 Telecommunications Act that McHenry cited as a comparison took years to negotiate but reshaped an entire industry once it passed.
FAQ
What did Patrick McHenry say about the CLARITY Act's passage timeline?
Patrick McHenry told Bloomberg that passage of the CLARITY Act is "a question of when, not if." He made this statement as former chairman of the House Financial Services Committee, having helped shepherd the bill through the House in 2025.
When did the Senate Banking Committee vote on the CLARITY Act?
The Senate Banking Committee advanced the Digital Asset Market CLARITY Act by a 15-9 vote on May 14. Democratic senators Ruben Gallego and Angela Alsobrooks joined Republicans in support of the bill.
Why has the CLARITY Act stalled in the Senate?
The bill has stalled over unresolved disputes including government ethics provisions limiting officials' crypto holdings and how stablecoin yield should be treated under the new framework. Senate Majority Leader John Thune said this week the bill is likely to miss its window before Congress's August recess.
