Senator Cynthia Lummis told Fox Business on June 24 that negotiators expect final Senate compromise language around the July 4 recess and plan to move the Clarity Act in July, a self‑imposed deadline that could affect the legislative timetable for crypto regulation. The Senate is in a work period from June 29 to July 10, with another recess from August 10 to September 11, leaving roughly a four‑week window in mid‑to‑late July for floor action. Stifel policy strategist Brian Gardner said the bill likely needs Senate passage by the end of July, noting that delays after the August recess would diminish its chances. The House passed the Clarity Act 294‑134 in July 2025; the Senate Banking Committee approved it 15‑9 in May. The bill includes $150 million for combating illicit crypto activity and revisions to Section 301 that address concerns about reward programs and anti‑money‑laundering requirements. A June 9 ethics meeting involving Senators Ruben Gallego, Angela Alsobrooks, Lummis and White House Crypto Council executive Patrick Witt broke down after Republicans and the White House withdrew a provision allowing state attorneys general to sue the Justice Department over enforcement failures tied to former President Donald Trump’s crypto business interests. Democrats have also raised AML provisions and whether crypto firms offering deposit‑like products should face bank‑equivalent capital and consumer‑protection rules. JPMorgan CEO Jamie Dimon argued in a Fox Business interview that the bill could permit interest‑bearing deposit products without sufficient AML and Bank Secrecy Act safeguards, a claim Lummis rejected, saying Dimon is mistaken and should review the revised Section 301. The Blockchain Association released a letter signed by 160 former national‑security and law‑enforcement officials urging Senate leaders to advance the bill, adding a national‑security dimension to the debate. If Senate Majority Leader John Thune schedules floor time in July and the ethics language is resolved keeping Gallego and Alsobrooks supportive, the bill could proceed to a cloture vote that tests whether additional Democrats can be secured. A clean floor path would require reconciliation with the Agriculture Committee and House action on any Senate changes before a presidential signature, confirming a realistic 2026 timeline. Conversely, if floor time is withheld or Democratic conditions harden, the legislation may slip into September and beyond, making scheduling more difficult as the 2026 election cycle approaches and potentially resetting the legislative landscape in the 2027 Congress. Lummis said the political cost of inaction would be highest on Thune, Democrats and the banking lobby, emphasizing the urgency of moving the bill in July.