CLARITY Act Heads to White House Review as Bob Diamond Backs 24/7 Onchain Markets
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Key Takeaways
The CLARITY Act has just four Senate working days left before the August recess, with no vote currently scheduled.
Former Barclays CEO Bob Diamond says Circle and Hyperliquid could be among the biggest winners if the bill passes.
Bernstein warns that if the bill stalls, the SEC and CFTC are likely to take the lead on US crypto regulation.
With just four Senate working days remaining before Congress begins its August recess, supporters of the CLARITY Act are making a final push to secure what many consider the most significant US crypto market structure bill to date. Industry leaders argue the legislation would not simply provide regulatory clarity but lay the foundation for always on financial markets powered by blockchain technology.
Former Barclays CEO Bob Diamond became one of the latest high profile executives to endorse the bill, arguing that its long term impact extends far beyond crypto trading.
LATEST: 🇺🇸 Former Barclays CEO Bob Diamond says the CLARITY Act will deliver 24/7 trading, instant settlement, and a "permanent record in perpetuity" at a fraction of the cost of TradFi. pic.twitter.com/rjL0P24vTY
Speaking during a CNBC interview, Diamond said the financial system is moving toward continuous markets with instant settlement, describing blockchain as a more efficient replacement for traditional infrastructure.
“The infrastructure winners are Circle and Hyperliquid,” Diamond said, pointing to stablecoin issuer Circle and decentralized exchange Hyperliquid as examples of platforms positioned to benefit from a regulated digital asset market.
He added that blockchain based markets could deliver 24 hour trading, instant settlement, significantly lower costs than traditional finance, and “a permanent record in perpetuity,” removing many of the inefficiencies that still exist in legacy financial systems.
Despite growing industry support, the Senate schedule does not currently include a CLARITY Act vote, leaving lawmakers with only four working days before the August 7 recess. That timeline has become increasingly significant because many senators are expected to shift their attention toward campaigning for the 2026 midterm elections once Congress adjourns.
🚨BREAKING: The US Senate schedule does not include a CLARITY Act vote today.
Just 4 days remain until the August recess.
Timing is critical, as members will shift their focus to campaigning ahead of the midterm elections after the recess.
Moreover, the absence of a scheduled vote has heightened concerns that the bill could miss its narrow legislative window. Senator Lummis has already warned that failure to pass the CLARITY Act this year could delay comprehensive US crypto market structure legislation until as late as 2030, as congressional priorities shift after the midterm elections.
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Momentum behind the legislation is also being reinforced by the White House.
Coinbase Chief Policy Officer Faryar Shirzad highlighted comments from former Defense Secretary Mark Esper, who described the CLARITY Act as a national security priority rather than simply a financial services bill.
Former Secretary of Defense @MarkTEsper is exactly right on the CLARITY Act:
“The stakes are clear: American leadership in technology that will shape our economic and strategic future. This week may be our last real window.” https://t.co/I6UYjkeoJy
Esper argued that the legislation is essential for maintaining American leadership in technologies that will shape future economic competitiveness and geopolitical influence. Shirzad echoed that message, saying the coming days may represent the industry’s last realistic opportunity to secure comprehensive crypto legislation before election politics dominate the Senate calendar.
The White House has repeatedly argued that passing the bill would strengthen US leadership in digital financial infrastructure while preventing innovation from moving overseas.
CLARITY Act Vote Remains Unscheduled With Four Days Until Senate Recess
Despite growing industry support, the Senate schedule does not currently include a CLARITY Act vote, leaving lawmakers with only four working days before the August 7 recess.
That timeline has become increasingly significant because many senators are expected to shift their attention toward campaigning for the 2026 midterm elections once Congress adjourns. Senate Majority Leader John Thune has acknowledged that passing the legislation before recess is increasingly unlikely, although negotiations remain ongoing.
Analysts at Bernstein recently lowered their estimated probability of CLARITY becoming law in 2026, arguing that unresolved ethics negotiations and limited legislative time have materially reduced its chances.
Bernstein says fading CLARITY Act odds could accelerate SEC and CFTC crypto rulemaking. | Source: @scottmelker on X.
However, the firm said failure would not necessarily halt crypto reform. Instead, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) could move ahead with broader rulemaking under the Trump administration’s Project Crypto initiative. SEC Chair Paul Atkins has similarly argued that if Congress does not establish a statutory framework, the agency can deliver crypto rules without the CLARITY Act.
Negotiators are still working on a revised ethics compromise led by Senators Thom Tillis and Ruben Gallego, an issue that remains one of the largest obstacles to assembling the 60 votes needed for Senate passage.
For supporters like Diamond, however, the debate has already moved beyond regulation. They see the CLARITY Act as the legal foundation for a financial system built around tokenized assets, stablecoins, continuous trading, and blockchain based settlement, where firms such as Circle and Hyperliquid could emerge as some of the biggest long term beneficiaries.
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Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.
Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.
