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U.S. Senator Cynthia Lummis posted on social media stating that the previous administration caused the digital asset industry to relocate overseas. She emphasized that now is the time to establish clear regulatory rules for the digital asset industry and welcome it back to the United States, calling for the passage of the Clarity Act.
Wang Yongli, former deputy governor of the Bank of China, authored an article titled “Dialectically Viewing U.S. Cryptocurrency Policy,” in which he stated that the interpretive and guidance-oriented implementing rules document—“Application of Federal Securities Laws to Certain Digital Assets and Related Transactions”—issued under the Cryptocurrency Liquidity and Regulatory Clarity Act (CLARITY Act) represents a significant advancement in the United States’ classification, characterization, and regulation of digital assets. This development merits global study and reference for understanding, characterizing, and appropriately regulating digital assets. Nevertheless, U.S. cryptocurrency policy must still be approached dialectically: its classification-based regulatory framework is worthy of emulation, and effective, proportionate regulation is essential to foster innovation in the digital asset space.
According to CoinDesk, Ron Hammond, Policy Lead at crypto market maker Wintermute, stated that the U.S. crypto market structure bill—the Clarity Act—continues to face multiple obstacles in its legislative process, with only about a 30% chance of passage this year. The bill aims to clarify the respective regulatory responsibilities of the SEC and CFTC over digital assets. However, current negotiations are progressing unevenly, and the timeline has been repeatedly delayed. Key resistance stems from traditional banking institutions—particularly over whether stablecoins should be permitted to generate yield—a point of serious disagreement. Related compromise proposals have repeatedly stalled. Moreover, internal divisions among Democrats, as well as issues concerning DeFi compliance and anti-money laundering (AML), further add uncertainty to the legislation. That said, Ron Hammond believes the bill still retains room for advancement; whether it can be enacted this year ultimately hinges on whether critical disagreements can be resolved.
Coinbase CEO Brian Armstrong responded to U.S. Treasury Secretary Scott Bessent’s call for the passage of the “Clarity for Digital Assets Markets Act” (CLARITY Act), expressing agreement and gratitude for his advocacy. Armstrong emphasized that bipartisan collaboration between senators and staff over the past several months has significantly strengthened the bill. Earlier, the U.S. Treasury Secretary urged Congress to swiftly pass the CLARITY Act.
According to Cointelegraph, U.S. Treasury Secretary Scott Bessent published an op-ed in The Wall Street Journal urging Congress to swiftly pass the Crypto Asset Market and Regulatory Clarity Act (CLARITY Act) to clarify regulatory rules for cryptocurrencies, tokenized assets, and decentralized exchanges. He warned that the global cryptocurrency market has reached $3 trillion, challenging America’s leadership in financial innovation, and stressed that with limited time remaining on the Senate’s legislative calendar, delaying action is not an option. The bill passed the House of Representatives in July 2025 but has remained stalled in the Senate over disagreements regarding how to regulate stablecoin yield. A report by the White House Council of Economic Advisers found that banning stablecoin yield would have a negligible impact on bank lending—increasing it by only about $2.1 billion—while costing users approximately $800 million annually in lost welfare. Additionally, under the GENIUS Act, the Treasury Department has proposed new rules requiring stablecoin issuers to establish anti-money laundering (AML) compliance programs and granting them authority to freeze or intercept specific transactions.
According to The Wall Street Journal, U.S. Treasury Secretary Scott Bessent wrote on April 8 that the United States has long led in setting global financial market regulatory standards—but this leadership is not guaranteed. He urged Congress to promptly pass the Clarity Act to establish a clear regulatory framework for digital assets. Citing data, Bessent noted that global digital asset market capitalization fluctuated between $2 trillion and $3 trillion over the past year, and approximately one-sixth of Americans hold some form of digital asset. Applications of blockchain technology in payments, settlements, and physical asset exchange continue to expand. He emphasized that cryptocurrencies are no longer niche experiments but technologies undergoing broad global adoption—and the U.S. must take proactive steps to maintain its leadership in shaping rules for this domain.