Galaxy Research's Alex Thorn lowered his 2026 CLARITY Act passage odds to 50-50 from 60% on June 5, arguing the bill still lacks merged Banking-Agriculture text, a floor date, or a motion to proceed. The bill cleared Senate Banking 15-9 on May 14 and has been calendar item No. 423 since June 1, but July floor time is getting eaten by FISA, the NDAA, and Trump's SAVE Act/housing fight. Thorn says a leadership commitment by early July could push odds back toward 60%; silence into mid-July makes a September slip more likely, where midterm politics get uglier.

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