Novogratz: CLARITY Act Could Be Law by June

Mike Novogratz, CEO of Galaxy Digital, told a podcast with Anthony Scaramucci that the CLARITY Act could be finalized in May and reach the president’s desk by June, with the bill possibly going to committee in early May.

The CLARITY Act would create a federal framework for digital assets, setting rules for exchanges, token issuers and investors. The bill also seeks to split regulatory oversight by identifying which tokens fall under securities rules and which are treated as commodities.

Novogratz noted Republican and Democratic lawmakers have incentives to agree on clearer rules, including keeping financial innovation in the U.S. and protecting investors. He said those shared interests are part of the reason momentum has built around the bill.

The measure passed the House on a bipartisan vote in July 2025 but has slowed in the Senate. Lawmakers continue to negotiate several provisions, and unresolved language has delayed final Senate action.

Key disagreements center on stablecoin regulation, particularly yield-bearing stablecoins, and on which federal agency would oversee different token types. Banks have expressed concern that some yield structures could pull deposits out of traditional banking systems, a point that has prompted additional negotiating among lawmakers.

Senator Cynthia Lummis warned on April 10 that time is limited, saying “the clock might be running” and suggesting that if the bill does not advance soon the next realistic chance to bring it to the floor could be years away.

Alex Thorn, head of research at Galaxy Digital, estimated about a 50% probability the bill will pass in 2026 and cautioned that delays beyond mid-May would reduce those chances.

Former President Donald Trump reiterated support for the legislation at a private event at Mar-a-Lago, telling attendees that “banks should not determine the direction of crypto legislation.”

If the CLARITY Act advances through the Senate and reaches the president, it would establish how digital assets are treated under federal law. Lawmakers must still resolve technical and jurisdictional disputes, especially over stablecoin oversight and permissible yield structures, before a final Senate vote can occur.