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FollowingThe CLARITY bill takes a critical step or reshapes the U.S. cryptocurrency market.
Republican Senator Tom Tillis and Democratic Senator Ruben Gallego finalized on July 29 revisions to the Conflict of Interest clause in the CLARITY Act, which has previously been one of the most controversial parts of the bill. The new bipartisan bill aims to tighten restrictions on connections between senior federal officials and digital assets. However, because the revised text has not yet been reviewed by a majority of members of the Senate and Congress is about to enter a recess in August, more uncertainty has been cast over the timetable for advancing the bill.
Alternative ethical norms beyond the White House proposal
The new text drafted by Tillis and Gallego is seen as an alternative to the ethics code approved by the White House on July 22. Previously, Democratic senators argued that some of the restrictions in the White House's proposal were insufficient, and those restrictions would have expired in 2029, so they had sharply criticized the regulation. The full text of the new revision has not yet been made public, but stricter rules are expected to be introduced to restrict federal officials from issuing digital assets or directly participating in such projects.
The core goals of the CLARITY Act include clarifying the jurisdictional boundaries between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, establishing clear rules for the spot digital commodity market, and reducing regulatory uncertainty in the crypto space. The bill also addresses controversial topics such as stablecoin gains, decentralized financial applications and the use of digital assets in illegal financing. However, if political consensus cannot be reached on conflict of interest regulation, progress on other key issues will face difficulties.
Senate review time is tight, and the CLARITY Act is at risk of being stranded.
Senate Majority Leader John Thune announced that a procedural vote on the bill may be scheduled between July 29 and August 1. But Thun also said he was skeptical that the entire bill could pass the Senate before the August recess. The House version of the CLARITY Act was passed in July 2025 with 294 votes in favor and 134 votes against. However, since entering the Senate, the bill has gone through more than a year of negotiations, involving multiple amendments, ethical guidelines and regulatory powers. game. With senators running out of time to review the latest amendment, the possibility that the bill will be postponed until after its August recess is high.
How do stablecoin gains affect the crypto market?
The CLARITY Act is seen as one of the most comprehensive attempts to date to clarify the division of powers between the Securities and Exchange Commission and the Commodity Futures Trading Commission in digital asset markets. The regulatory provisions on stablecoin earnings contained in the bill may have a direct impact on decentralized financial agreements, centralized cryptocurrency exchanges and U.S. domestic stablecoin issuers. How Congress treats the interest and reward models provided to stablecoin holders will also affect the competitiveness of U.S. companies with global competitors. Strict restrictions could push users to offshore platforms, while a more flexible framework could help consolidate the U.S.'s position in the stablecoin and digital asset markets. Therefore, the discussion of the CLARITY Act has not only attracted close attention from local crypto companies in the United States, but also affected the nerves of the global digital asset market.
