The Clarity Act is stuck in the Senate. The House passed it over a year ago, but there is still no floor vote scheduled. Majority Leader John Thune says it likely will not happen before recess, and Republicans still need Democratic votes to clear the filibuster. Joining us to break this down is Christian Narvaez, Founder and Managing Partner of Rayo Capital Group and President of Stand With Crypto New York. Chris, thanks so much for joining us today. Welcome back.
Good morning Johnny. Happy to be back.
What is the Clarity Act for those who do not know, and why is it still stuck?
The Clarity Act answers a simple question: who regulates what? It establishes the SEC regulating securities and the CFTC regulating digital commodities. That clarity has been needed for a long time. It passed the House in July 2025. Where we stand today, the Senate needs 60 votes to move it forward — and that is where the stall is.
What is the biggest sticking point right now?
The biggest sticking point lately has been ethics language. The Democratic side wants stronger provisions to ensure senior administration officials cannot profit from digital assets and the broader ecosystem. Other major talking points — stablecoin yield and AML language — have actually been resolved. The ethics language is what remains.
How are Coinbase and other major players positioning themselves differently as this drags on?
Coinbase has been very public — their stance is that it is better to have no bill than an unfair one. Other companies, including fintechs and financial institutions like BlackRock, Goldman, and Fidelity, all support the Clarity Act and want to make sure the language allows them to continue building products and services. With or without clarity, they will continue to innovate regardless.
You were in DC last week. What surprised you or what did you learn differently from the process?
In my role as President of Stand With Crypto, our job is simply to educate and engage policymakers — to answer questions and address uncertainties. We have brought in a lot of founders as part of that process. What I can say is that we are now more positive than we have been. Staffers are well-informed, they are asking great questions, and those questions are valid and thoughtful on both sides of the aisle.
If the Senate misses this window and goes into recess, what happens to crypto regulation in the meantime?
The SEC and CFTC already stepped in back in March — they issued an MOU providing cross-regulator communication and guidance on what can and cannot be done. But regulatory guidance can be reversed by a new administration. That is exactly why it is so important for Congress to pass the Clarity Act — because it gives the industry longevity across administrations. It gives innovators, founders, investors, and financial institutions the confidence to build for the long term, and it allows the US to remain competitive as a global leader in innovation.
Christian, thank you so much for joining us today.
Thank you for having me, Johnny.
