The US Congress held a hearing on Friday to discuss the Digital Asset Market Clarity (CLARITY) Act. President Trump has urged lawmakers to pass the bill, which is expected to accelerate the US goal of becoming a global crypto hub. Analysts and prediction markets are currently at their lowest levels of confidence that the bill will be passed soon, making Friday’s hearing crucial for the bill’s future.

Witnesses at the hearing included Ryan Louvar, Chief Legal Officer at WisdomTree; Sarah Aberg, Chief Legal Officer at Nova Labs Inc.; Jason Somensatto, Director of Policy at Coin Center; and Randi Abernethy, Head of Clearing and Group Risk at Bullish. While the field hearing cannot directly approve the CLARITY Act, it will serve as a strategic platform to solicit expert insights and strengthen legislative momentum ahead of Congress’s August recess.

The Crypto CLARITY Act will provide regulatory clarity to prevent companies from facing contradictory or ambiguous rules from the SEC and CFTC. Additionally, the act also aims to maintain US leadership in digital finance by creating a framework that encourages domestic blockchain development. The bill passed the House of Representatives in July 2025 and cleared two Senate committees before Memorial Day 2026.

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Earlier this week, President Trump once again pushed the US Senate to pass the bill. The President said the Senate must pass the landmark legislation to honor South Carolina Senator Lindsey Graham, who died over the weekend after a sudden illness.

At press time, odds of the crypto Clarity Act passing hit an all-time low as Congress meets to discuss the bill, according to Polymarket.