The Clarify Act, which could change the landscape of cryptocurrency regulation in the United States, is in a truly dangerous situation.

Right now in Washington, some very interesting things are happening, and there’s very little time left for the passage of the Clarify Act. Over the month of April, there was almost no public progress on this bill, and as Congress enters the summer recess, the situation is becoming more complicated.

The key date is May 25th. Memorial Day is effectively considered the deadline for passing this bill. After that, lawmakers will leave Washington for election campaigns. Before then, they also need to handle major issues like the Department of Homeland Security budget and the nomination of the Federal Reserve Chair, making the schedule very tight to also pass the Clarify Act.

The bigger problem is that the Senate Banking Committee has not yet scheduled a token hearing. This is the first step toward passing the bill. The issue of stablecoin yields remains a major sticking point, and other technical issues have not been publicly resolved.

Even if the Clarify Act passes the Senate, it still needs to go through a vote in the House, which is another variable. That means the process isn’t straightforward.

However, there are some positive signals. Last week, over 100 cryptocurrency companies sent an open letter to the Senate Banking Committee urging them to expedite the bill’s review. This indicates that industry voices are growing louder.

Ultimately, May will be a very important month. If the Clarify Act doesn’t pass by this point, the chances of it passing this year could become very slim. We should keep a close eye on the developments over the next two weeks.