CLARITY Act decides the fate of the year before August's recess

On 13 July, Crypto In America reported that the CLARITY Act legislative process had entered a critical window, with only about four weeks left before the August parliamentary recess, and was considered by industry to be the last opportunity to push for a fully encrypted money market structure legislation to land this year. This week will be marked by important points: an updated legislative text combining the two editions of the programme of the Senate Banking Commission and the Agriculture Commission will be ready, which will focus on the progress of the negotiations, the reservations and the differences to be resolved. Two core issues remain unresolved: first, the final state of the Zone Block Chain Regulatory Determination Act is in doubt, and the definition of non-trust software developers as "remittance service providers" is still in the game; and secondly, ethical provisions have not yet been agreed with the White House, and Democratic and some Republican parliamentarians have called for a conflict-of-interest prevention mechanism against the $1 billion-dollar-encrypted currency gains of Trump. The political situation has further increased the variables: the death of Republican Senator Graham and the continued absence of McConnell have led to a significant narrowing of the wrong space for bills that would have required 60 votes, and to an unprecedented rise in the importance of the Democratic Party vote. Differences in prospects are evident in industry. Kristin Smith, President of the Solana Institute for Policy Studies, is optimistic that there is a practical path to passage and that the momentum for a court-wide vote is gathering. Alex Thorn, the head of Galaxy Digital Research, is more cautious, has been reduced to 50 per cent through probability, warning that priorities such as the Defense Authorization Act are squeezing legislative time and that if the bill is blocked in the course of the year, US encryption innovation will continue to flow。