The Clarity Act marks a milestone; what should we focus on next?

Author: Blockchain Knight; Source: X, @Knight_in_Block

Last night, the U.S. Senate Banking Committee passed the CLARITY Act with 15 votes in favor and 9 against.

Following the news, Bitcoin quickly surpassed $82,000, with the market casting a vote of confidence in this milestone with real money.

This 309-page bill is not only the most comprehensive crypto regulatory framework in the United States to date, but also signifies the federal government's determination to end regulatory chaos and embrace the digital asset era.

The passage of the bill ends the decade-long jurisdictional dispute between the SEC and CFTC.

The new regulations clearly delineate boundaries, granting the CFTC broad regulatory authority over the cryptocurrency spot market, while the SEC retains regulatory authority over the initial offerings of digital asset securities and investment contracts.

The executive director of the White House Presidential Advisory Council on Digital Assets stated that the bill is a necessary policy for the United States to maintain its leadership in global financial markets, and its consumer protection and anti-illegal financial provisions are fundamental to this. The short-term boost to the market and its long-term impact are equally significant; in addition to the surge in Bitcoin, Coinbase's stock price jumped more than 9% that day. The core reason is that legislators reached a delicate compromise on stablecoin rewards: **It explicitly prohibits platforms from paying passive interest on idle stablecoins, similar to deposits, which reassured traditional bankers, led by the American Bankers Association, about deposit flight.** However, **at the same time, the bill allows activity-based rewards linked to direct transactions such as gas fee payments and utility bill payments, preserving a legitimate business space for stablecoin businesses like Coinbase and Circle.** Coinbase CEO praised the bill, saying it would make the U.S. financial system faster, cheaper, and more convenient. Despite the strong momentum, the bill faces a series of significant challenges before becoming law. First, there are the serious time and procedural challenges. Supporters hope President Trump can sign the bill by July 4, but the schedule is extremely tight. Lawmakers are about to enter the Memorial Day recess on May 21, followed by the August congressional recess. The bill must first be reconciled with the version introduced by the Senate Agriculture Committee in January before being submitted to the full Senate, where it needs at least 60 votes to advance. After that, it needs to be reconciled with the corresponding bill (HR 3633) passed by the House of Representatives in July 2025, and then voted on again by the House before finally being sent to the president. Secondly, there are lingering political divisions. Progressive senators have fiercely criticized the bill, saying it would "exacerbate the huge conflict of interest arising from Trump and his family's crypto business." Although an amendment to a related provision was rejected in a committee vote, similar voices could still create obstacles in the full House vote. Furthermore, details regarding whether developer protections have been weakened and whether stablecoin provisions still contain loopholes for disguised interest arbitrage will continue to be the focus of the debate. Galaxy Digital has given a cautiously optimistic assessment, believing the bill has a 55% chance of becoming law by 2026. The successful passage of the CLARITY bill through the committee is a crucial breakthrough for the crypto industry, moving from unregulated growth to compliant maturity. In the coming months, the market will closely monitor the progress of the reconciliation of versions in the House and Senate and the full House vote.