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Odaily News: US Commodity Futures Trading Commission (CFTC) Chair Michael Selig said on Thursday that even if Congress fails to pass the Clarity Act, the crypto industry will eventually see market structure regulatory rules. Selig stated that establishing a market structure is very important, which can be achieved either through the formulation of regulatory rules or through legislation. The CFTC is weighing a series of potential cryptocurrency rules and is still awaiting progress on the Clarity Act. The bill, which would grant the CFTC primary authority over the digital asset industry, is currently deadlocked in the Senate and is scheduled for a procedural vote in mid-September. However, it remains highly contentious and may struggle to secure enough votes before lawmakers shift their focus to the November midterm elections. Selig added that legislation is the most reliable way to define the crypto market structure, but the CFTC also holds considerable power under existing regulations; if it needs to exercise that power to set rules without supporting legislation, the CFTC will do so.
According to The Block, Securitize President Brett Redfearn stated that the U.S. Securities and Exchange Commission withdrew the crypto innovation exemption rules last Friday due to concerns over the voting progress of the Clarity Act. Redfearn expects the rules to be introduced following the Senate vote on September 15, likely in early October.
Odaily News: At a meeting held at the White House yesterday with executives from the crypto industry and financial institutions, Trump urged Congress to pass a "fair version" of the Clarity Act (a crypto market structure bill) to establish a clearer regulatory framework for digital assets. Relevant data shows that the probability of the bill passing within the year has risen from 18% previously to 22%.
Odaily News: During a meeting at the White House with executives from crypto and financial firms, U.S. President Donald Trump urged Congress to pass a "fair version" of the Clarity Act, stating that market structure legislation is the next step in his digital assets policy.The meeting was attended by Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, Securities and Exchange Commission (SEC) Chairman Paul Atkins, White House crypto advisor Patrick Witt, as well as executives from Coinbase, Ripple, Robinhood, and Kraken.The Clarity Act would establish federal rules for digital assets and clarify the regulatory jurisdictions of the SEC and CFTC. The bill is expected to return to the Senate in September, where Republicans will still need support from about six Democratic senators to reach the 60-vote threshold. (Decrypt)
According to CoinDesk, American Bankers Association CEO Rob Nichols stated that the association supports the Clarity Act establishing a digital asset regulatory framework, but believes the provisions regarding stablecoin rewards in the bill still need strengthening. Their concern is that if related parties such as crypto trading platforms provide interest-like rewards to stablecoin holders, it could prompt funds to flow from bank deposits to stablecoin wallets, affecting banks' lending capacity.
According to Odaily, Patrick Witt, the White House's chief crypto advisor, stated that despite ongoing controversies surrounding stablecoin yields and conflicts of interest involving Trump's crypto holdings, he remains optimistic that the Clarity Act will ultimately become law.Speaking at the SALT annual conference in Wyoming on Tuesday, Witt noted that lawmakers are currently in the August recess and are expected to return to Washington in mid-September. Senate Majority Leader John Thune has scheduled a procedural vote on the bill for September 15.Witt said the White House will sit down with Democrats to discuss points of disagreement and work to secure solid votes by September 15. He expressed that he is "genuinely optimistic and bullish" on the bill.The Clarity Act, spanning over 600 pages, aims to establish a comprehensive federal regulatory framework for the U.S. crypto industry, but has faced multiple setbacks over the past few months. Key disputes currently include how to treat stablecoin yields, as well as Democratic concerns over conflicts of interest involving Trump and his family's crypto business ventures.Overall, the September 15 vote will be a critical juncture for whether the Clarity Act can continue to advance. While the White House is attempting to send positive signals, the bill still requires bipartisan support, particularly in reaching compromises on issues such as stablecoins, ethics provisions, and regulatory division of labor.
Odaily News, Ripple Chief Legal Officer Stuart Alderoty stated that September 15 will be a key date for determining whether the U.S. "Clarity Act" crypto market structure bill can continue to advance.Alderoty said at the Wyoming Blockchain Symposium 2026 that the Senate will hold its first procedural motion on September 15, namely whether to enter deliberation. The motion requires 60 votes of support to open the door for the bill's subsequent progress. He noted that this day will serve as a "barometer" for judging whether the Clarity Act can still move forward in Congress.Alderoty also serves as Chairman of the National Crypto Association. He stated that even if market structure legislation hits a roadblock, both the SEC and CFTC have publicly stated that they will continue to advance crypto regulatory rulemaking.He believes that the two regulatory agencies' closer coordination in recent times is a positive signal. In the past, the SEC and CFTC did not always work collaboratively, but now both sides are engaging in closer cooperation around crypto asset regulation.However, Alderoty emphasized that what the industry most hopes to see remains congressional legislation, because legislation is more stable than mere regulatory rules and harder to overturn. He stated that regardless of the outcome, the U.S. will see crypto regulation; the difference lies in whether the framework is established through a more enduring congressional bill or advanced by regulators acting alone.
Odaily News: The U.S. Securities and Exchange Commission (SEC) has proposed rules related to crypto assets, aiming to establish a clear framework for eligible investment contracts and provide a targeted securities offering regime for token issuances, enabling related entities to raise funds while retaining investor protection measures. The proposed rules would allow crypto companies to issue up to $5 million in tokens over four years, or up to $75 million in tokens within 12 months, and provide a safe harbor to prevent cryptocurrencies from being deemed "investment contracts." Issuers would be required to disclose financial statements and provide ongoing reporting. The SEC did not include the previously anticipated "innovation exemption" for crypto stocks. The proposal comes just days after the U.S. Senate failed to advance the Digital Asset Market Clarity (CLARITY) Act; the public will have 60 days to submit comments after the proposal is published in the Federal Register. SEC Chair Paul Atkins stated that congressional legislation remains essential for establishing rules that can be applied over the long term, and the SEC will continue to support Congress in advancing the CLARITY Act to President Trump. The Commodity Futures Trading Commission (CFTC) plans to discuss cryptocurrency, AI, and prediction market regulation on Thursday. (Cointelegraph)
Odaily News, Mizuho analysts lowered the price target for crypto custodian BitGo from $14 to $11, while maintaining an "Outperform" rating. At the time of the report, BitGo's stock was trading at approximately $5.61.Mizuho believes that the market generally views the delay of the U.S. crypto market structure bill, the Clarity Act, as bearish, but for BitGo, this could actually be an advantage. This is because BitGo already operates the first federally chartered digital asset trust bank owned by a public company, and its regulatory standing does not depend on the passage of new legislation.Analysts noted that the Clarity Act aims to establish a framework for the U.S. digital asset market structure and clarify the division of powers among different regulatory agencies. However, due to repeated negotiations on key issues, the bill has faced ongoing delays.In Mizuho's view, the longer regulatory uncertainty persists each quarter, the more BitGo's existing licenses and first-mover compliance advantages accumulate, and the higher the barriers for new entrants. In other words, the later regulation is finalized, the more "trusted and already licensed" becomes BitGo's core competitive strength.
Citigroup CEO Jane Fraser stated that despite remaining concerns regarding the stablecoin incentive provisions in the Clarity Act, she generally supports the advancement of cryptocurrency legislation and expressed hope that "a good bill can be passed."
Odaily News: The U.S. Senate will hold a procedural cloture vote on a motion related to the Digital Asset Market Clarity Act (CLARITY Act) at 2:15 PM ET on September 15. This marks the first full Senate vote on the bill since it passed the House in July 2025. The bill is numbered H.R. 3633 and was previously passed by the House with 294 votes in favor and 134 votes against. The vote concerns whether to limit debate on the motion to proceed with the bill; supporters need 60 votes to succeed. Republicans currently hold 53 seats in the Senate. If all Republican senators vote in favor, they would still need 7 additional votes; any absence or opposition would increase the number of additional votes required. If the procedural vote passes, the subsequent debate time on the motion to proceed will be capped at 30 hours, after which the Senate will vote on the motion itself. Only if the motion is approved will the bill be formally considered, and the bill itself will still need to pass another 60-vote cloture motion. If the Senate amends the text, the revised version would need to be sent back to the House for a vote. (Bitcoin.com News)
Odaily News: Grayscale Head of Research Zach Pandl said that even if the Digital Asset Market Structure Clarity Act (CLARITY Act) is not passed, the operation of major blockchains, demand for Bitcoin as a store of value, and growth of stablecoin payments will not be immediately affected. Regulators will fill regulatory gaps through rulemaking. Zach Pandl noted that the lack of comprehensive market structure legislation could dampen new investment activity in the US, prompting crypto industry participants and startups to move to overseas jurisdictions with clearer regulatory frameworks. The US government will continue to support the development of the crypto ecosystem. Strategy co-founder and Executive Chairman Michael Saylor previously stated that regardless of whether the CLARITY Act is passed, Bitcoin will continue to develop, but the US needs regulatory clarity for digital assets. Senator Bernie Moreno said that Senate Democrats and Republicans have concluded related negotiations, and a vote will follow.
Odaily News: U.S. Senate Majority Leader John Thune has filed a motion to invoke cloture on the motion to proceed to consideration of the Digital Asset Market Clarity Act (CLARITY Act), with the Senate scheduled to hold the related procedural vote on September 15. The vote is expected to take place when the Senate reconvenes at 2:15 PM ET that day. The motion requires 60 votes to pass, meaning Republican lawmakers will need Democratic support to clear the procedural threshold. The two parties are still negotiating over provisions such as ethics rules and stablecoin reward regulations, with those differences having previously prevented an agreement before the August recess. This vote only concerns whether to begin floor consideration of the bill and does not represent a final vote or passage by the Senate. The CLARITY Act aims to establish a federal market structure for digital assets, clarify the conditions under which certain crypto assets are subject to securities or commodities law, and define the regulatory responsibilities of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission.
Odaily News, August 7 — The Senate announced that the vote on the Clarity Act has been postponed to September. Senator Lummis, a supporter of the Clarity Act, posted on X, saying, "I have put so much long and hard work into this bill, so you can imagine how frustrated I am right now. Someday I will have more to say, but for now, allow me to say this: we have come this far, and now is absolutely not the time to give up.""I will not give up, because I deeply believe in my heart that this industry deserves to thrive under clear rules on American soil; consumers deserve to be protected from fraud and have the confidence to participate in our digital economy; and law enforcement should also have the necessary tools to hold bad actors accountable.""The Clarity Act is the only way for us to achieve these goals. The status quo is flawed in every way, and I will not rest until we fix this broken system. I will continue to work hand in hand with my colleagues to reach this goal—this fight is far from over."
According to Odaily, Randi Abernethy, Head of Clearing and Group Risk at Bullish, stated that the U.S. Senate's failure to pass the Digital Asset Market Clarity Act (CLARITY Act) does not mean the digital asset market will stop developing; rather, it highlights the necessity of establishing a federal regulatory framework.Abernethy noted that during the Senate's consideration of the CLARITY Act, traditional U.S. financial institutions have continued to accelerate their entry into the on-chain market. JPMorgan Chase has explored tokenized ETF holdings through a production pilot with the Depository Trust & Clearing Corporation (DTCC), and more than 50 institutions (including BlackRock and Goldman Sachs) are also participating in the development of tokenized stock and Treasury bond infrastructure. The current regulatory discussion is no longer just a "crypto industry issue," but one that concerns the future infrastructure of the entire financial system.Abernethy cited the 2008 financial crisis as an example, noting that financial risk spreads along shared infrastructure, and even institutions not directly involved in related assets can be affected. Today, the stablecoin market size has exceeded $100 billion, with a large portion of stablecoin reserves invested in U.S. Treasuries. If a major stablecoin were to face a crisis, it could impact liquidity in traditional financial markets. She stated that supporters of the CLARITY Act believe the bill could establish a unified regulatory framework for the digital asset market, including core investor protection mechanisms such as customer asset segregation, conflict of interest management, capital requirements, and information disclosure. (CoinDesk)
The U.S. Digital Asset Market Clarity Act (CLARITY Act) failed to seize a critical advancement window before the Senate's summer recess, and the market is now focusing on whether the U.S. crypto industry can continue to develop even if the bill ultimately fails.Analysts believe that if the CLARITY Act fails to pass, it would be a significant setback for the crypto industry, but not a fatal blow. The bill was designed to clarify the boundaries between securities, commodities, and other categories of digital assets, determine the agencies responsible for overseeing related businesses, and grant the U.S. Commodity Futures Trading Commission (CFTC) clearer regulatory authority over crypto commodity trading.Currently, the bill's progress has stalled, and the likelihood of comprehensive crypto market structure legislation being enacted before the end of the year is declining. This means the U.S. may still lack a clear digital asset regulatory framework, particularly regarding oversight of trading in major crypto assets such as Bitcoin (BTC) and Ethereum (ETH), where jurisdictional gaps remain between the CFTC and the U.S. Securities and Exchange Commission (SEC).However, industry insiders point out that even if the CLARITY Act fails, the SEC and CFTC are still likely to continue advancing industry development through policy statements, regulatory guidance, and existing enforcement authority.In recent years, both agencies have issued multiple pieces of guidance clarifying the regulatory boundaries of business models such as crypto mining, Meme coins, and staking rewards. One of the most significant measures among these is the digital asset taxonomy framework, which seeks to establish standardized regulatory classifications for different types of digital assets. (CoinDesk)
Senator Tim Scott stated that the U.S. Senate will hold a first vote on the Clarity for Digital Assets Market Act before the August recess, and the bill requires 60 votes to pass.
Mersinger pointed out that the bill explicitly prohibits the portion of stablecoin holding rewards equivalent to bank deposit interest, but allows reward mechanisms based on user activity, consistent with the credit card points model; regarding DeFi regulation, Section 10301 of the bill requires the SEC to establish rules for protocols that are "nominally decentralized, substantially controllable," rather than exempting them, while Section 10201 has incorporated digital commodity brokers into the full reporting obligations under the "Bank Secrecy Act" and allocated $3 billion to support state-level enforcement, contrary to the "Wall Street Journal"'s claim of "inadequate regulation of illicit finance."
Odaily News - U.S. Democratic Senators Elizabeth Warren and Richard Blumenthal sent a letter to SEC Chairman Paul Atkins on Monday, calling for an investigation into whether President Trump's related Meme coins violate securities laws.In the letter, the two senators cited reports stating that since the Trump Meme coin launched in January 2025, nearly 1 million crypto wallets have incurred losses, totaling approximately $3.81 billion. They accused Trump of potentially engaging in a "rug pull" and requested that the SEC determine whether fraudulent arrangements or securities law violations exist.Warren and Blumenthal stated that despite the token's price being driven by Trump's own public statements, its value has plummeted significantly, making it necessary for the SEC to investigate whether a fraudulent scheme exists and to prevent continued extraction of substantial value from hundreds of thousands of investors.The letter comes as the White House is evaluating the latest ethics provisions compromise regarding conflicts of interest in Trump's cryptocurrency business. This proposal is seen as key to advancing the "Clarity Act" crypto market structure legislation. A previous Trump-endorsed draft drew opposition from Democrats because it only restricted public officials and their spouses from issuing or sponsoring digital assets, did not cover other family members, and designated the Department of Justice for enforcement.The two senators also claimed that Trump has an "active interest" in encouraging supporters to trade his Meme coin, and alleged that Trump has earned $636 million in revenue from the Meme coin. With the Senate entering its August recess on Friday and attention subsequently shifting to the November elections, whether the "Clarity Act" can advance in the near term still depends on whether both parties can reach consensus on Trump-related crypto conflicts of interest.
According to The Block, the JPMorgan analyst team (led by Managing Director Nikolaos Panigirtzoglou) released a report on July 30 stating that the probability of the "Clarity Act" (Crypto Market Structure Act) passing in the US Senate within the year has dropped to a historic low. The Kalshi prediction market shows a passing probability of only 37%, while Polymarket is even lower at 26%. Analysts pointed out that disagreements on core issues such as ethical provisions, enforcement standards, stablecoin yields, decentralized finance, and illicit finance remain unresolved. Voting is expected to be difficult to complete before the Senate summer recess, and may be postponed until after senators return in mid-September.