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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)
According to crypto journalist Eleanor Terrett, the progress of the U.S. Digital Asset Market Structure Act, the "Clarity Act," is currently in a wait-and-see stage. All parties are awaiting a response or counterproposal from the White House regarding the bipartisan ethics amendment plan, while also monitoring whether Senate Republican Leader John Thune will file a cloture motion on the motion to proceed to consider the bill tonight.
Odaily News: The U.S. Senate has not yet indicated whether it will take up the Digital Asset Market Clarity Act. With only two session days remaining before the summer recess, the Senate has also made no official statement on whether or when a vote on the bill will take place. The Senate could address the bill after returning to Washington in September, but limited working days remain before the final stretch of the 2026 midterm elections. The Senate may also extend the session, originally scheduled to end on August 7, to make room for a procedural vote on the Clarity Act.
According to Cointelegraph, U.S. Senator Cynthia Lummis stated that the Senate is expected to vote on the Digital Asset Market Clarity Act before the August recess. The bill previously passed the House of Representatives in July 2025, but currently still faces resistance in the Senate, including Democrats' demand to strengthen ethics provisions involving President Donald Trump's digital asset investments, as well as concerns from some Republican lawmakers and the banking sector regarding the relevant provisions.
Odaily News The U.S. Department of the Treasury released a joint statement on August 4, outlining discussions from the U.S.-UK Financial Regulatory Working Group meeting held in London on July 8. Regulators from both countries expanded collaboration in areas including digital assets, stablecoins, payment modernization, AI, financial stability, capital markets, and cross-border financial cooperation. Participants included finance ministries from both countries, the Bank of England, the Federal Reserve, the UK Financial Conduct Authority, and multiple U.S. financial regulatory agencies. The U.S. side provided updates on the implementation progress of the GENIUS Act for stablecoins and digital asset market structure, while the UK side presented its digital strategy for wholesale financial markets. Both sides support comparable regulatory standards for stablecoins, including cross-border usage, comparable treatment of similar risks, and requirements that stablecoins used as money be backed at least one-to-one by high-quality liquid asset reserves. The U.S. Federal Deposit Insurance Corporation has proposed implementation standards for the GENIUS Act, covering reserves, redemption, capital, liquidity, risk management, custody, and safekeeping. The Bank of England has published draft rules for stablecoins that could reach systemic scale in the UK economy, including a temporary issuance cap of £40 billion per systemic stablecoin, unrestricted use by individuals and businesses, and reserve requirements. The Financial Regulatory Working Group is expected to convene again in early 2027.
Senator Lummis stated that the Senate will vote on the Clarity for Digital Asset Markets Act before the August recess, but the bill still faces obstacles such as controversy over Democratic ethics provisions and the 60-vote threshold.
: Tyler Williams, a senior official at the U.S. Department of the Treasury responsible for digital asset policy, has departed. He had served as Treasury Secretary Scott Bessent's primary crypto advisor and was involved in shaping the Trump administration's digital asset agenda. Bessent confirmed that Williams' last working day at the Treasury was last Friday. Williams joined the Treasury in early 2025, having previously served as Head of Policy at Galaxy Digital, and is expected to return to the private sector. Williams' departure comes amid a continued stalemate in Congress over the CLARITY Act, a digital asset market structure bill. The legislation has faced obstacles to advancement before lawmakers' August recess due to disagreements over federal ethics provisions for officials.
Odaily News: The U.S. Internal Revenue Service (IRS) issued a fraud alert on July 30, warning that scammers are mailing counterfeit IRS notices requiring cryptocurrency holders to register through a non-existent "Digital Asset Compliance Portal" before an urgent deadline. Each fraudulent letter contains a QR code that directs recipients to a website impersonating IRS.gov. The fake portal may request personal information, cryptocurrency wallet details, exchange login credentials, recovery phrases, private keys, or other data that could be used for theft. Cryptocurrency exchange Coinbase and cybersecurity firm Darktower traced the related infrastructure to a domain registered through a Hong Kong-based registrar shortly before the letters were distributed. Investigators found that the website is hosted in Romania, on a network previously associated with phishing pages impersonating financial institutions.
According to e27, in the first seven months of 2026, Malaysia intensively introduced six major technology-related laws, covering full-stack regulation of AI, cryptocurrency, and digital platforms. Key developments include: The "Online Safety Act" (ONSA) took effect on January 1, implementing mandatory licensing for platforms with more than 8 million Malaysian users; The "Cybercrime Bill" was passed on July 1, classifying deepfakes and AI-generated intimate images as criminal offenses, with a maximum penalty of seven years imprisonment and a fine of 500,000 ringgit; The "Competition Act Amendment" brings digital platforms within the scope of anti-monopoly regulation; The "AI Governance Act" is open for public consultation, proposing to include AI training data and output content under intellectual property protection, a first for ASEAN; The Securities Commission's Digital Asset Guidelines tightened compliance requirements for DAX operators on May 20, with six licensed exchanges currently; The "Consumer Credit Act" formally brought BNPL service providers under regulation starting March 1.
According to Digital Asset, South Korean People Power Party lawmaker Kim Sang-hoon, together with 15 lawmakers, introduced an amendment to the Specific Financial Information Act on July 28. The bill defines the unique identification number assigned by virtual asset service providers to users as an "account," and grants the Financial Intelligence Unit (FIU) the power to request payment freezes on bank accounts and virtual asset accounts suspected of being used for illegal property transfers. The freeze period is 30 days and may be extended once; financial institutions failing to execute in a timely manner will face fines of up to 100 million Korean won. The bill will officially take effect 6 months after promulgation.
According to BeInCrypto, the official verified X account of U.S. Senator Cynthia Lummis was hacked on July 29. The account briefly posted a fake Solana Meme coin promotion post named $USA Token, featuring a pump.fun minting link. The post was deleted within approximately five minutes, accumulating around 5,600 views and 37 replies during that period. Crypto community users quickly issued warnings, and there are currently no records of financial losses. Lummis's office had not released any statement as of press time. The timing of this incident is sensitive, coinciding with the stalemate of the "Digital Asset Market Transparency Act" (CLARITY Act) championed by Lummis in Congress.
on July 28 that U.S. Senator Jon Husted publicly supported the Digital Asset Market Clarity Act, stating that if the United States wants to maintain its leading position in the digital asset field, it needs a clear, enforceable regulatory framework that supports innovation and employment.The CLARITY Act aims to establish the first comprehensive federal framework for crypto regulation in the U.S., dividing jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). The bill classifies tokens into three categories, granting the CFTC exclusive regulatory authority over the spot market for digital commodities, while the SEC continues to oversee assets that still resemble securities.Galaxy Research has lowered the probability of the CLARITY Act becoming law by 2026 from 50% to 30%. Alex Thorn, the firm's Head of Research, stated that the 60-vote threshold in the Senate is the main obstacle, and supporters may not yet hold a simple majority.The revised version of the bill proposes to prohibit the President, Vice President, members of Congress, federal judges, and their spouses from receiving compensation through the issuance or sponsorship of digital assets during their term in office until January 2029. It also requires relevant officials to sell their cryptocurrency holdings or place them in a blind trust.
: New York Attorney General Letitia James submitted written testimony to the U.S. Congress, urging stronger regulation of cryptocurrency companies and warning that proposed federal legislation could undermine states' ability to investigate fraud and hold platforms accountable. Letitia James stated that the Digital Asset Market Clarity Act would preempt state-level digital asset market regulation and transfer oversight authority to the U.S. Commodity Futures Trading Commission (CFTC), thereby weakening state and local enforcement. She disclosed that the New York Attorney General’s Office has seen a threefold increase in crypto fraud complaints over the past three years, with total reported losses over the past five years approaching $500 million. She called on crypto platforms to comply with anti-money laundering, know-your-customer (KYC), and cybersecurity requirements, monitor suspicious activity and market manipulation, and be held financially responsible when they fail to protect customers from fraud.
Tether announced that its gold-backed digital asset XAU₮ has received Sharia compliance certification from Amanah Advisors, an institution led by Mufti Faraz Adam. The certification confirms that XAU₮ adheres to the core principles of Islamic finance. XAU₮ is issued by TG Commodities, S.A. de C.V., with each full token representing direct ownership of physical gold stored in Swiss vaults. Certification requirements include genuine ownership of physical gold, clear and verifiable asset backing, no interest (riba), no leverage or speculative derivatives, and transparent reserve structures. Tether stated that XAU₮ can be used for integrating digital gold products into Islamic banking, takaful and halal savings products, long-term wealth preservation strategies, as well as tokenized trade finance and collateral applications. Amanah Advisors will continue to work with Tether to develop practical guidelines and governance frameworks to support the adoption of XAU₮ in a Sharia-compliant manner.
As the 2026 midterm elections enter the final 100-day countdown, cryptocurrency advocacy group Stand With Crypto stated in a post on X on July 26 that nearly 70% of surveyed cryptocurrency holders believe a candidate's stance on crypto will influence their vote, and nearly 80% indicated they are almost certain to vote. Stand With Crypto noted that 73% of surveyed crypto holders are closely monitoring which crypto policies lawmakers support, while 59% do not have a fixed party affiliation. The organization stated that crypto supporters have contacted Congress over 1 million times regarding relevant legislation. Market attention is focused on the CLARITY Act, the Digital Asset Market Clarity Act of 2025. The bill aims to clarify the division of responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in digital asset regulation, and will influence whether certain digital assets are classified as securities or commodities under federal oversight. Supporters of the bill argue that there is a limited time window to advance legislation before the election-year agenda tightens. Opponents contend that any new framework must maintain protections against fraud, market manipulation, and investor losses. The discussions involve issues such as exchange access, investment products, taxation, and the role of federal regulators in digital finance.
a US Senator has released a new draft of the Digital Asset Market Clarity Act (Clarity Act), merging two previously advanced versions from the Senate Banking Committee and the Senate Agriculture Committee, and for the first time, includes content related to ethics clauses. The ethics clause in the new draft proposes to prohibit senior government officials from sponsoring or issuing their personal cryptocurrencies. The bill has not yet been fully advanced, and it remains uncertain whether the key provisions will receive bipartisan support.
Fidelity's Public Policy Department urged the U.S. Senate to pass the Digital Asset Market Structure Act, the CLARITY Act, as soon as possible, stating that establishing a clear regulatory framework would help boost investor confidence and enhance U.S. competitiveness in the global digital asset market.
at least 29 overseas virtual asset exchange applications are currently unavailable for download on the Google Play Store in South Korea. As one of the main reasons Korean users turn to overseas exchanges is to participate in derivative trading such as futures, this investigation primarily focuses on derivative platforms. Among them, 14 platforms were previously identified by the Financial Intelligence Unit (FIU) of the Financial Services Commission as unregistered Virtual Asset Service Providers (VASP) and have been referred to investigative authorities. Notably, another 15 exchanges, although not included in the FIU's official investigation notice list, also have their applications blocked from installation on Google Play in South Korea. (Digital Asset)
According to Cointelegraph, US Senate Republicans released the draft text of the "Digital Asset Market Transparency Act" (CLARITY Act) on Wednesday, which includes ethical clauses prohibiting all federal officials (including President Trump) from issuing or sponsoring digital assets. Democratic Senator Ruben Gallego strongly criticized this, calling the draft "not a serious effort," and stated he would collaborate with Republican Senator Thom Tillis and others to propose a counter-proposal. Republican Senator Bernie Moreno maintained that the draft contains "the strongest ethical language in US history."
U.S. Democratic Senator Ruben Gallego stated that he will work with Republicans to propose a counter-proposal regarding the ethics clause in the Digital Asset Market Clarity Act (CLARITY Act) that has been recognized by the White House. He stated that the draft published this week is “not a serious proposal.” U.S. Senate Republicans released the proposed text of the CLARITY Act on Wednesday, including an ethics clause that prohibits all U.S. federal officials, including U.S. President Donald Trump, from issuing or sponsoring any digital assets. Democrats believe the relevant ethics provision is insufficient. Republican Senator Bernie Moreno denied that the clause was weak, stating that the draft contains “the most powerful ethical language in American history.” Gallego stated that he will work with Senator Thom Tillis and other Republicans to advance a counter-proposal and submit new text for the clause.