The crypto industry’s most important piece of legislation will likely miss its best shot at passing this year. Senate Majority Leader John Thune said Thursday he does not expect the Senate to pass the Digital Asset Market Clarity Act before the chamber breaks for its long August recess.

Industry and congressional negotiators had focused on August 7 as the date the market structure bill needed to clear if it was to have a reasonable chance at passage this year. Thune left a narrower door open, telling reporters he would like to “at least get Clarity started” on the Senate floor before the break, adding, “We’ll see where the votes are.” Getting the multi-stage floor process rolling could position the bill for the brief September window when lawmakers return.

This story is an excerpt from the Unchained Daily newsletter.

The Clarity Act is meant to give U.S. digital-asset activity a permanent legal foundation by splitting oversight between the SEC and the CFTC. The measure cleared the Senate Banking Committee 15-9 in May, but dragging it into the fall sharply cuts its odds, since September floor time is scarce and members will be focused on November’s midterm elections.

Not everyone shares Thune’s pessimism. White House crypto adviser Patrick Witt was quoted by CoinDesk as saying in an interview reported Thursday that he was “perplexed” by the majority leader’s comments and “slightly more optimistic,” noting the Senate is still in session the first week of August. “I wouldn’t count it out,” Witt said, though he agreed a final July vote is unlikely.

Even if Clarity gets a floor vote before the Senate recess, it is not clear that the bill will be able to secure the required votes. At least seven Democrats have stated that they are opposed to its latest draft, saying it falls short on several counts, including ethics. The bill needs at least 60 votes to pass.

Related Listen: The Chopping Block: Gauntlet’s $125M SBI Raise, Balaji’s Malaysia Exodus & the CLARITY Bill Endgame with Patrick Witt