Happy International Workers’ Day! Eric here.

The crypto industry’s message to Capitol Hill is increasingly sounding like Elvis Presley.

Over the past few weeks, industry leaders have implored politicians through petitions, tweets, and public appearances that all they want when it comes to the Clarity Act is a little less conversation, a little more action, please.

The landmark crypto bill has been stuck in legislative limbo since the start of the year, with politicians and industry insiders saying for months that it is on the cusp of progressing through the halls of the Capitol Building — so close you could taste it. 

“The frustrating thing is we were on the finishing line [in January],” Brad Garlinghouse, CEO of Ripple, said at the Bitcoin 2026 conference this week. “It wasn’t perfect and I’ll be the first to admit that but it was pretty good and it’s frustrating we find ourselves where we are.”

He blamed Brian Armstrong, the CEO of Coinbase, and his team for slowing down the process by withholding institutional support for the act in January and March. 

This created a vacuum in Washington that policymakers filled by adding provisions on housing and other matters into the fledgling bill, Garlinghouse said.

The stakes are high. The bill aims to enshrine guidelines, regulations and protection for the nascent industry into law. The clarity provided by the act is seen to trigger a new crypto rally. 

Once the Clarity Act passes, crypto will “take off like a rocket ship,” Patrick Witt, US President Donald Trump’s top crypto adviser, said at Bitcoin 2026 this week.

Trump has repeatedly voiced his support of the bill, but the window to get itpassed is rapidly closing. 

“If the markup slips past mid-May, the probability of enactment in 2026 will drop sharply,” Alex Thorn, Galaxy Digital’s head of research warned in April. “In our view, the odds of Clarity being signed into law in 2026 are roughly 50-50, and possibly lower.”

Polymarket punters currently give the bill a 46% chance of being passed in 2026, down from 82% in February.

Then there are the midterms. If Democrats reclaim Congress, which current polling and prediction markets suggest they will, it is likely that legislative work will grind to a halt until the 2028 presidential election. 

To be sure, both Senate Banking Committee Chair Tim Scott and Senator Thom Tillis have hinted that things are progressing and that the Clarity Act is on the cusp of being scheduled for a markup, the necessary next step to advance the bill.

Yet, we have heard that before.

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Following the Kelp DAO/LayerZero hack, the decentralised finance industry has joined forces to crowdfund over $300 million to cover the April 18 exploit. The memes didn’t wait.

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