The United States Senate postponed progress on the encryption bill until September

The United States Senate will not make further progress on encrypted market structure legislation during the August recess and is expected to move forward after its resumption in mid-September. The Senate majority leader, John Tunn (R-SD), has submitted a procedural application for the Clarity Bill, and potential progress is expected next month. The Act assigns control over digital assets to the Commodity Futures Trading Commission (CFTC) and not to the Securities and Exchange Commission (SEC). However, the bill faces opposition from traditional financial giants and banking associations, who believe that it could jeopardize financial stability and lead to the loss of bank deposits to stable currency. Chief Executive Brian Armstrong stated that the lack of progress on the Clarity Act this month was disappointing. He stressed that Congress still had important work to do and that a clear federal market structure law would unlock more investment, innovation and employment opportunities, while providing consumers with the protection they deserved. As opposition to the bill intensified in the banking sector, the confidence of Polymarket investors in the adoption of the Clarity Act this year declined, from 82 per cent in February to 25 per cent at present。