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ETH Daily Highlights
"Morning Minute" is a daily newsletter written by Tyler Warner. The analysis and opinions expressed in the article are the author's personal positions and may not reflect Decrypt's official views.
Hello everyone! Here are today's top news:
Things heat up on the eve of the vote on the Clarity Act
Two days before the crucial vote to determine whether cryptocurrency market structure legislation can be implemented this year, Senate Majority Leader Chuck Schumer convened a meeting of Democratic senators to discuss the Clarity Act. Earlier, President Trump met with advisers on Friday about the bill's ethics provisions, an issue that has hindered the bill's progress since July. As relevant developments emerged, the probability of passing the bill jumped to 31% overnight, more than doubling its low point.
It now appears that President Trump has agreed to updated ethics terms that would limit his behavior, his family and other elected officials in the cryptocurrency space. This was the main sticking point of opposition from many Democrats.
Looking ahead, at 2:15 p.m. EST on Tuesday, the Senate will vote on a motion to end debate. If 60 votes are received, the bill will enter a full debate; if it is less than 60 votes, it means that the hope of comprehensive cryptocurrency legislation in 2026 is dashed, and the next realistic and feasible window period may have to wait until 2029. Republicans hold 53 seats and are expected to have at least two votes against, so supporters may need to win the support of nine Democrats. As of Friday, no Democrats had publicly committed to voting in favor, and Sen. Cory Booker of New Jersey said the revised text still failed to meet requirements.
The revised version released on Thursday was 630 pages long and added more than 114 provisions at the request of the Democratic Party. The substantive change is to include agreements that "only have the name of decentralization" under the scope of registration of the Commodity Futures Trading Commission (CFTC) and the rules of the Bank Secrecy Act. However, no changes have been made to the ethics clause, which is the core of the problem.
Even if the bill fails to pass, progress is still expected. Mike Selig of the CFTC has instructed his team to explore the possibility of using existing powers to create rules without Congress acting. The U.S. Securities and Exchange Commission (SEC) has proposed allowing blockchain to serve as a formal record of stock ownership. The CFTC has decided to withdraw its response to the Chicago Mercantile Exchange (CME) lawsuit over perpetual contracts. Coinbase submitted an application to launch a single-share perpetual contract in the onshore market. All of these measures were completed within two weeks and did not rely on new legislation.
But what if the bill does pass? This scenario does not seem to be priced at all by the market. Ethereum (ETH) will become one of the main beneficiaries. revenue-generating agreements like Hyperliquid and Lighter could also benefit significantly. The crypto market is very likely to usher in a broad surge. Facts have proved that we are about to embark on a very critical week.
