Galaxy Digital CEO Mike Novogratz said the long-awaited U.S. CLARITY Act could finally make concrete progress in May, potentially giving the crypto industry a single federal framework after years of regulatory uncertainty.
Speaking on a podcast with SkyBridge founder Anthony Scaramucci, Novogratz predicted the bill could reach committee in early May and possibly land on President Donald Trump’s desk by June. “So this is going to get done,” he said. “It probably gets done in May.”
What the CLARITY Act would do
- The bill is designed to define how digital assets operate in the United States, offering clearer rules for exchanges, token issuers, crypto firms and investors.
- Many industry participants favor a national framework to replace a patchwork of agency actions that has left firms unsure which rules apply.
Why it matters
Novogratz argued the legislation has bipartisan appeal: clearer regulation could keep financial innovation and crypto activity in the U.S. rather than pushing it offshore. He also highlighted broader economic inclusion, saying tokenization could let more people access U.S. financial products via crypto wallets — allowing shares or asset-linked tokens tied to major companies to reach global users. “There are eight and a half billion people, probably five and a half billion don’t have access to our financial products,” he said, naming companies like SpaceX and Google as examples of firms that could be tokenized.
Headwinds and timing risks
Despite optimism, the CLARITY Act’s pace has lagged market expectations. The bill passed the House in July 2025 with bipartisan support, but negotiations have slowed in the face of disputes between banks and crypto firms. One flashpoint is yield-bearing stablecoins: banks warn these products could put pressure on traditional deposits.
Senator Cynthia Lummis warned on April 10 that time is limited, posting on X that “This is our last chance to pass the Clarity Act until at least 2030.” Even within Galaxy Digital, caution remains. Alex Thorn, head of firmwide research, estimates a roughly 50% chance the CLARITY Act passes in 2026, and says delays beyond mid-May would weaken its prospects.
Bottom line
Novogratz is bullish that May could be decisive, but significant policy disputes and a compressed timeline mean the bill’s fate remains uncertain. If it does pass, however, it could reshape how crypto businesses operate in the U.S. and broaden global access to American financial products through tokenization.
Read more AI-generated news on: undefined/news
