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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."
According to CoinDesk, the S&P 500 index has risen 3.12% this month, adding approximately $2.1 trillion in market value (equivalent to the total market cap of the entire crypto market), reaching a record high total market cap of $70.5 trillion, but Bitcoin has only risen about 2% this month, hovering near $64,600. Analysts point out that this round of stock market rise is mainly driven by AI and semiconductor individual stock narratives, rather than a broad-based recovery in risk appetite at the macro level, and Bitcoin lacks direct beneficial exposure to this. Meanwhile, the crypto market also faces multiple internal pressures: the Coldcard platform suffered a $120 million exploit, the prospects of the "Clarity Act" remain uncertain, MicroStrategy has reduced its BTC holdings for three consecutive months, and stablecoin supply continues to shrink—USDT's market cap dropped from $190 billion in April to $183 billion, and USDC's dropped from $79.5 billion to $72 billion.
U.S. President Trump’s newly released 927-page financial disclosure document reveals income including hundreds of millions of dollars in crypto-related earnings. Among these are millions of dollars in revenue linked to World Liberty Financial, the DeFi project launched by the Trump family in 2024. This disclosure has heightened the urgency of congressional negotiations over ethics provisions within the Clarity Act, the crypto market structure bill.Currently, bipartisan lawmakers are negotiating the Clarity Act, which aims to establish the first comprehensive federal crypto regulatory framework in the United States. A key focus of the negotiations is whether to include ethics restrictions preventing the President, Vice President, members of Congress, and other federal officials from profiting from digital assets while in office.Following the document's release, Democratic lawmakers reiterated that the bill must contain strict ethics clauses. Senator Angela Alsobrooks stated that such restrictions should apply to the President, Vice President, and all members of Congress. She noted that ordinary Americans should benefit from digital assets in a fair and honest manner, rather than allowing political figures to profit through corruption and institutional loopholes.Senator Kirsten Gillibrand also indicated that both parties are still advancing stringent ethics reforms, proposing to prohibit the President, Vice President, and lawmakers from using crypto assets for personal gain. Meanwhile, Elizabeth Warren argued that if the Clarity Act fails to prevent the President, members of Congress, and their families from profiting from the crypto industry, the bill would further fuel controversies surrounding Trump-related crypto corruption.Republicans, for their part, stated that ethics clauses remain part of the bipartisan negotiations. With the July window for advancing the Clarity Act approaching, the disclosure of Trump family crypto income could become a key variable influencing the final text of the bill and the level of Democratic support.
According to Crypto in America, the National District Attorneys Association, the National Association of Assistant U.S. Attorneys, the International Association of Chiefs of Police, and the National Sheriffs’ Association jointly sent a letter to Acting Attorney General Todd Blanche and Patrick Witt, Executive Director of the White House Crypto Council, expressing strong opposition to Section 604 of the “Clarity Act”—the Blockchain Regulatory Certainty Act (BRCA). Law enforcement groups argue that this provision could create regulatory loopholes exploitable by criminals for illicit activities including drug trafficking, fraud, child exploitation, sanctions evasion, and terrorist financing. Meanwhile, cryptocurrency-backed candidates achieved sweeping victories in primary elections across Maryland, New York, and Utah. Fairshake—a pro-crypto super PAC—has collectively spent over $7.6 million supporting these candidates, including $5.5 million backing Adrian Boafo, the candidate for Maryland’s 5th congressional district. Miller Whitehouse-Levine, founder of the Solana Policy Institute, warned that August 7, 2026, may be the final window for Congress to pass cryptocurrency market structure legislation. He stated that the industry is willing to make limited revisions to the BRCA provisions to address law enforcement concerns—but firmly opposes any fundamental changes that would weaken the core protections enshrined in the provision. Additionally, the House Financial Services Committee held a hearing on “The Future of Payments” the same day.
According to The Block, four major U.S. law enforcement organizations—the National District Attorneys Association, the National Association of Assistant U.S. Attorneys, the International Association of Chiefs of Police, and the National Sheriffs’ Association—jointly wrote to the Department of Justice and the White House, warning that Section 604 of the “Clarity Act” (i.e., the “Blockchain Regulatory Certainty Act”) contains regulatory loopholes. This provision offers a “safe harbor” exemption for non-custodial developers; law enforcement agencies contend that it could shield individuals or entities assisting in the transfer of crypto assets, hinder investigations and prosecutions of crypto-related crimes, and weaken the existing anti-money laundering framework.
According to The Block, Circle CEO Jeremy Allaire responded at a press conference in Seoul, South Korea, to criticism over Circle’s decision not to freeze the stolen USDC involved in the Drift incident. He stated that Circle fulfills its legal obligations and freezes wallets only upon instruction from law enforcement agencies or courts; unilaterally freezing assets would constitute a “major ethical dilemma.” He also revealed that Circle is engaging with U.S. legislative bodies regarding the Clarity Act, seeking to establish a “safe harbor” mechanism for stablecoin issuers in extreme circumstances—but emphasized that any such authority must be explicitly granted through legislation, not exercised unilaterally by the company.