#Gate广场五月交易分享

A life-and-death struggle involving U.S. digital asset dominance and the lifeblood of traditional finance is intensively unfolding in the U.S. Senate chamber. The "Digital Asset Market Clarity Act" (CLARITY Act) has undergone months of tug-of-war and is finally on the brink of a critical review on May 11. On one side are the crypto industry and bipartisan advocates making a final push, while on the other side is a fortress built by the banking alliance. The core conflict over the "member reward clause" has ignited this smoke-free financial war.

The core of this battle is the defense of $6.6 trillion in deposits. The "member reward" clause in the bill may seem ordinary but is actually a sharp blade aimed at traditional banks. Crypto platforms plan to offer annual rewards of 3%-5% to stablecoin holders, while mainstream U.S. bank savings rates are only 0.1%-0.5%. The huge gap is enough to make depositors "vote with their feet." The American Bankers Association and four other industry groups have jointly opposed this, warning that it could trigger an epic bank deposit run, with potential losses of $500 billion by 2028, and in extreme cases up to $6.6 trillion, directly causing a sharp reduction in bank lending capacity, contraction of the credit system, and community banks facing a crisis of $850 billion in loan cuts. JPMorgan Chase CEO Jamie Dimon even stated outright that paying interest on stablecoins is essentially opening a bank, which must be strictly regulated, and crypto platforms must not become "shadow banks."

In the face of the banking industry's desperate opposition, supporters of the bill have already sounded the August countdown alarm. They urgently warn that if the bill is not passed before August, the U.S. will permanently lose its leadership in digital assets, with trillions of dollars in Web3 industry, top-tier talent, and massive capital rushing to crypto-friendly jurisdictions like Singapore and Abu Dhabi. Treasury Secretary Janet Yellen has repeatedly warned that the U.S. cannot miss the golden window to establish a "global crypto hub." As midterm elections approach, bipartisan cooperation will be completely shut down. Market forecasts show that the probability of the bill passing this year has already exceeded 60%, and the market is waiting breathlessly for the final outcome.

Currently, the only hope for the bill's breakthrough depends on the resilience of bipartisan cooperation. In fact, this bill is not without foundation; in July 2025, it was passed in the House of Representatives with an overwhelming 294 votes in favor and 134 against, establishing a solid bipartisan consensus. On the Senate side, Republican Thillis and Democrat Olsobrooks led a key compromise—banning passive rewards, allowing active rewards—both closing the loophole of "interest-like deposits" that worried banks and preserving the core business model of the crypto industry. In early May, Coinbase, which had previously opposed the bill strongly, reversed its stance and publicly supported it, clearing an important obstacle for bipartisan efforts.

However, the path to breakthrough remains thorny. The banking industry's lobbying power is deeply rooted, and some lawmakers still worry about financial stability risks. The bill also needs to secure 60 votes in the Senate and coordinate versions in both chambers; any misstep could cause the effort to fail. Nevertheless, driven by national interests, industry development, and bipartisan consensus, the probability of the CLARITY Act's breakthrough continues to rise. The critical review on May 11 may become a watershed moment for U.S. digital asset regulation and will also determine the future trajectory of the global crypto landscape.