House Schedules Crucial Hearings on CLARITY Act Amid Crypto Regulation Push

The Digital Asset Market Clarity (CLARITY) Act is at a critical juncture as the House schedules two hearings in July to discuss Federal Reserve policy and digital-asset innovation.

On July 14, Fed Chair Kevin Warsh will testify on the Federal Reserve's semi-annual Monetary Policy Report, marking his first congressional testimony. The next day, the House Financial Services Committee will hold a hearing in New York focused on how the CLARITY Act could shape digital-asset and financial innovation.

The hearings come as Senator Cynthia Lummis pushes for a Senate floor vote before the August recess, arguing that the window to pass comprehensive crypto legislation this year is narrow and closing. The bill needs 60 votes to clear the Senate, but getting it across the finish line has been a challenge.

Lummis has rejected the idea that the United States should let others govern technology Americans helped pioneer, stating 'The U.S. did not invent the internet and then hand it to someone else to govern. We are not doing that with digital assets either.' She warns that legal uncertainty is pushing developers and crypto firms to friendlier jurisdictions, and that Congress must act before that drift becomes permanent.