Bernie Moreno has set an end-of-May deadline for the CLARITY Act, warning that failure to pass the bill could shelve it for years amid midterm election pressures.
Moreno’s comments, made at a Washington event on April 22, pushed prediction market odds of passage higher, though estimates from Galaxy Research still place the likelihood at roughly 50-50 or lower.
“I think we’re going to get it done by the end of May,”
Moreno said.
The legislation faces multiple hurdles, including Senate approval, reconciliation between committees and alignment with existing House legislation before reaching the president’s desk.
Congress is set to break for Memorial Day recess on May 21, leaving a narrow window for progress before political focus shifts to the midterm elections.
Moreno also downplayed opposition from banking groups, arguing concerns over stablecoin yields were overstated despite lobbying from organisations like the American Bankers Association.
Lawmakers including Cynthia Lummis have warned that missing the current window could delay comprehensive crypto legislation until the next congressional cycle, potentially pushing reform efforts to the end of the decade.