The core goal of the Clear Act is to establish a comprehensive federal regulatory framework for the digital asset market, filling the legal gaps in the United States in this field. Its main contents include:

· Defining regulatory jurisdiction: The bill aims to clearly define when digital assets are classified as "securities" and when as "commodities," thereby clarifying whether they fall under the jurisdiction of the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
· Improving supporting regulations: The bill is seen as a "natural extension" and "next step" of the GENIUS Act signed by President Trump. The GENIUS Act primarily focuses on the regulatory framework for stablecoins, while the Clear Act aims to provide a legal foundation for broader market structures such as tokenized assets and decentralized exchanges.
· Strengthening industry standards: The bill will also establish clear registration procedures for cryptocurrency trading platforms and introduce new anti-fraud and anti-money laundering measures to enhance industry compliance requirements.

U.S. Treasury Secretary Scott Bessent is actively pushing for this bill, with key actions including:

· Public advocacy: On April 9, 2026, Bessent urged the Senate Banking Committee to initiate review procedures and submit the bill for President Trump’s signature. He pointed out that the global digital asset market size has reached $2 trillion to $3 trillion, with high participation from U.S. citizens.
· Strategic and economic considerations: Bessent emphasized that if the bill fails, the U.S. could lose its leadership position as a global financial center and face risks of talent and business outflow. He believes the U.S. must lead standards setting amid technological change to ensure the next generation of financial innovation "stays on American track."

Although the bill has passed the House of Representatives with a bipartisan vote of 294-134, it faces resistance in the Senate:

· Core controversy: The main reason for legislative stagnation is the dispute over the "stablecoin yield" clause. The debate centers on whether third-party platforms like Coinbase should be allowed to offer yields to stablecoin holders.
· Deadlock between factions: The banking industry believes this could drain deposits; while the crypto industry sees it as key to maintaining competitiveness in the payments market.
· Progress and consensus: Senators have reached a preliminary agreement on the most contentious clause, but disagreements remain on DeFi protections and illegal financial activity provisions.

Urgency of signing: countdown before the elections

Bessent urges prompt signing mainly based on the following political realities:

· Tight time window: Given the legislative pace in Congress, Bessent emphasizes that the bill must pass in spring (late March to late June) to be sent to Trump for signing before the midterm elections.
· Midterm election risks: The 2026 midterm elections are the main driving force. Currently, Republicans hold a narrow majority in the House with 218 seats to 214. Bessent warns that if Democrats take control of the House, the prospects for passing the bill will be completely shattered.

President Trump plays the final decision-making role in this matter. The latest developments include:

· Signing makes it law: The bill must ultimately be submitted to President Trump’s desk, and only after his signature will it officially become law.
· Market speculation and involvement: Given Bessent’s public urging and Trump’s past support for cryptocurrencies, outside speculation suggests he may sign the bill. According to political news outlet Politico, Trump might attend a cryptocurrency event later this month (April 2026), which market observers interpret as a signal of his interest in the sector.

The Clear Act is a crucial step for the U.S. in comprehensive digital asset regulation. Its success or failure will not only impact financial innovation and capital flows but also be closely tied to the upcoming midterm election political landscape. The coming weeks will be critical in observing whether the bill can break the deadlock in the Senate and ultimately be submitted to President Trump for signing.