Patrick McHenry, who previously led the House Financial Services Committee, recently stated that he believes the CLARITY Act will definitely pass, though the exact timing remains uncertain. He made this prediction to Bloomberg, after noting similarities between the crypto bill and a major telecommunications law from 1996.
Key Takeaways
- Patrick McHenry has told media that CLARITY Act passage is a question of when, not if.
- The Senate Banking Committee advanced CLARITY 15-9 on May 14, but a floor vote remains undecided.
- Senate Majority Leader John Thune says a vote may miss the window before August recess.
A Telecom-Sized Comparison
Patrick McHenry, who previously led the House Financial Services Committee and played a key role in creating the CLARITY Act, recently told Bloomberg he believes it will eventually pass Congress. He stated that passage is inevitable—it’s just a matter of timing. This is the most optimistic prediction yet from one of the bill’s main creators, especially considering delays in getting the legislation scheduled for a Senate vote.
McHenry made a similar 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 opined:
The CLARITY Act aims to give business owners the confidence to create jobs and grow their companies, knowing they won’t face sudden or unfair enforcement actions.
McHenry argues that the U.S. needs to decide whether to stay a global leader in technology and finance. He believes Congress must create clear rules for digital assets, or risk falling behind other countries that are already taking action.
Where the Senate Stands Now
While Representative Patrick McHenry is hopeful about progress, things are proving more complicated in Congress. The Senate Banking Committee passed the Digital Asset Market CLARITY Act with support from both Democrats and Republicans on May 14th – a vote of 15 to 9. However, the bill has faced repeated delays because lawmakers haven’t been able to agree on key issues like rules for government officials owning cryptocurrency and how interest earned on stablecoins should be handled.
Senator John Thune, the Senate Majority Leader, indicated this week that the bill probably won’t be passed before Congress’s break in August. However, he expressed hope they could at least begin debating it before lawmakers leave.
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.
Not the First “Inevitable” Prediction
McHenry isn’t the only prominent voice betting on eventual passage, given that less than 72-hours ago, Treasury Secretary Scott Bessent described the bill’s progress as being at the “one-yard line.” Similarly, crypto policy analyst Sandra Ro told news media back in April that the bill could pass by July “if lucky,” a deadline that is now nearing its end.
The real test of Patrick McHenry’s claim that a bill will pass, not if, will be whether Senator Thune schedules a vote on it before the Senate’s break. If the vote is delayed until September, when the Senate returns, that will also be telling. McHenry’s comparison to the Telecommunications Act of 1996 raises the stakes, as that law took years to develop but ultimately transformed the telecommunications industry.
2026-07-24 22:28