After the White House makes concessions, can the Clarity Act successfully pass before adjourning?
Author: Azuma Original title: White House makes concessions to clear ethical barriers, Clarity Act catches up with the last window of time before adjourning? On July 21, Beijing time, several industry sources revealed that the Trump administration has agreed to add ethics provisions (ethics provisions) to the “Clarity Act” (Digital Asset Market Structure Act), and the relevant text has now been submitted to some Republican members of the Senate. Although the details of the specific provisions have not been fully disclosed, industry participants generally believe that this development may clear the way for updating the text of the bill (which is expected to be announced in the next few days) and subsequent Senate voting. Negotiations around the “Clarity Act” have progressed slowly over the past year. After the parties gradually reached a compromise on early differences such as stablecoin earnings and DeFi regulation, the biggest remaining dispute was how to handle possible conflicts of interest between US government officials and the crypto industry. And as the White House expresses a willingness to compromise on ethical provisions, the last obstacle that has long prevented the bill from moving forward is likely to be resolved. In addition to the progress of the ethics provisions, there was another positive signal about the “Clarity Act” breaking through this morning: Patrick Witt, executive director of the White House Digital Asset Advisory Committee, which is responsible for promoting the implementation of the bill, has confirmed that he will remain in office to help the bill complete its final sprint. Earlier, it was reported that Witt may leave his post before the “Clarity Act” enters a critical stage in the Senate due to the need to fulfill training obligations related to the US Army National Guard, which once raised concerns in the industry about the pace of the bill's progress. But now that Witt has confirmed that the training mission will be postponed, he will be able to continue participating in the process of breaking through this bill. For the entire cryptocurrency industry, the latest trend may mean that the regulatory game, which has continued for almost a year, has finally reached the most critical turning point. The content and significance of the Clarity Act (can be skipped) As one of the Trump administration's core legislations to push the US to become a “global crypto center,” the “Clarity Act” is fully known as the “Digital Asset Market Clarity Act of 2025,” and aims to establish a unified federal regulatory framework for the US digital asset market. The core goal of the bill is to resolve the regulatory ambiguity that the US crypto industry has faced for a long time over the past few years — clarifying the legal attributes of different digital assets and redividing regulatory responsibilities between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Specifically, the Clarity Act aims to establish a digital asset classification system that distinguishes assets into digital commodities (digital commodities), investment contract assets (investment contract assets), and compliant payment stablecoins (compliant payment stablecoins). Among them, digital products with blockchain network functionality will be mainly regulated by the CFTC; investment contract assets involving financing will continue to be the responsibility of the SEC; stablecoin issuers will mainly be supervised by bank regulators. The significance of this framework is to end the battle between the SEC and CFTC over digital asset supervision rights over many years and provide the industry with a more clear path to compliance. In the past, under former SEC Chairman Gary Gensler, the SEC preferred to recognize a large number of digital assets as securities based on Howey's tests and expand its scope of supervision through enforcement actions; while the CFTC believes that some digital assets with a high degree of decentralization are closer to commodities and should be supervised by them. The long-standing regulatory border conflict between the two sides has left US crypto companies, trading platforms, and developers in an uncertain environment. If the Clarity Act is finally passed, the US crypto industry may usher in the first comprehensive regulatory framework for market structures. As far as the market is concerned, its short-term impact may be to boost market sentiment through improvements in policy expectations, but the longer-term significance is to reduce regulatory uncertainty and provide a more clear institutional foundation for traditional financial institutions and long-term capital to enter the digital asset sector. A final disagreement, an ethical dispute, it wasn't easy for the Clarity Act to get to where it is today. On July 17 of last year, the Clarity Act passed 294 to 134 in the US House of Representatives...
