Trump urged Congress to pass the "fair version" of the CLARITY Act, stating it would open doors for the next wave of financial innovation and entrepreneurs; this statement came from a meeting between the White House and executives from the crypto industry.

The CLARITY Act aims to establish market structure rules for digital assets, focusing on distinguishing the jurisdiction of the SEC and CFTC over different crypto assets and related trading activities, defining the responsibilities of trading platforms and intermediaries, and providing a framework for the transition of assets from securities to non-securities.

The bill has passed the House with 294 votes in favor and 134 against, but the Senate has yet to complete its review and vote. Even if the Senate passes it, further coordination with the House version may be required, and it must be signed by the President to become law; current policy statements cannot be viewed as legislative outcomes.

Controversies center around whether stablecoin rewards will change competition for bank deposits, what customer protection and market monitoring obligations platforms should bear, the boundaries of responsibility for digital asset developers and DeFi protocols, and the ethical issues arising from government officials and their affiliated businesses participating in the crypto market. These disagreements will determine the final text of the bill and its speed of passage.

The SEC's recent proposed rules in the "Regulation Crypto Assets" could set a $5 million four-year startup exemption and a $75 million annual financing exemption for certain token financing, but the rules cannot independently resolve the regulatory division of the digital asset spot market; the value of the CLARITY Act lies in establishing cross-sector legal boundaries for the SEC, CFTC, exchanges, custodians, issuers, and banks.

In terms of market mechanisms, the clear policy buyers are exchanges and asset issuers that require U.S. registration, customer access, bank settlement, custody, market making, and institutional funds; legislation will reduce legal uncertainty, encouraging capital to flow into compliant systems, licenses, audits, risk control, and on-chain financial infrastructure. The short-term market will trade on statements and procedural progress, benefiting mainstream assets, compliant trading platforms, and custodial service providers; if the bill is delayed due to partisan negotiations or disputes over key terms, expected policy funds may retract, and offshore market structures will continue to take on more business.

Source: Public Information