US Financial Services Committee Chairman Reveals Possible Timeline for Congress to Pass CLARITY Act

Financial Services Committee Chairman Rep. French Hill, a Republican from Arkansas, has revealed when Congress could move forward on the CLARITY Act. 

Hill made the comments during a live interview on CNBC’s Squawk Box, where he spoke about the progress of crypto legislation and the urgency for the U.S. to act before other regions pull ahead.

Hill appeared on the program to discuss crypto regulation as host Joe Kernen questioned him on whether Congress would move quickly on digital asset market structure laws. 

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Rep Hill Confirms the Importance of Market Structure Laws

Kernen pointed out that Latin America and Europe are already advancing legislation while the U.S. risks losing ground. In response, Hill pointed out the bipartisan strength of the bill, looking to establish this structure. “We had more than 290 members come together to vote for the CLARITY Act,” he said.

For context, the legislation assigns oversight of digital commodities like Bitcoin and Ethereum to the CFTC. Meanwhile, it gives the SEC jurisdiction over tokens that rely on managerial efforts from centralized entities. It also mandates joint rulemaking between the two regulators to eliminate ambiguity and strengthen compliance standards.

Hill explained that the CLARITY Act works hand-in-hand with the GENIUS Act, the stablecoin bill signed into law by President Trump in July. He described the GENIUS Act as important but argued that stablecoin regulation alone is not enough. 

The Congressman noted that without broader rules for custody, trading, and blockchain operations in financial services, the U.S. cannot expect to lead in fintech innovation. 

In his words, “I told President Trump back in July that if you sign the Genius Act and you pass it, it’s like passing a bill that authorizes the use of a cell phone but you have no cell towers.”

CLARITY Act Should Pass by Year-End

Hill also clarified that the Senate now holds the next move, with the Banking Committee led by Sen. Tim Scott and the Agriculture Committee under Sen. John Boozman expected to handle the bill. 

He said he wants to see the upper chamber move quickly and confirmed that discussions are already happening across party lines. 

“We hope that they will take prompt action on that this fall during the October and November time frame. I’d love to see the Clarity Act pass the Senate before the end of the year,” Hill revealed.

Updates on the CLARITY Act and Other Crypto Legislation

Notably, the CLARITY Act has gained significant traction since its introduction. Hill, along with House Agriculture Committee Chairman G.T. Thompson, unveiled the bill on May 29, 2025, with bipartisan backing. 

Interestingly, the House Financial Services and Agriculture Committees advanced it on June 10, and the full House passed it on July 17 with 294 votes in favor, including 78 Democrats. 

Alongside the CLARITY Act, the U.S. is looking at other important pieces of legislation. For instance, the GENIUS Act, introduced in February 2025 and signed into law on July 18, created the first structure for stablecoins on a federal level. It demands complete reserve backing and limits issuers to authorized entities. 

Another measure, the Anti-CBDC Surveillance State Act, also passed the House in 2025 and is awaiting Senate action. This bill seeks to block the Federal Reserve from launching a CBDC without approval from Congress.