Recently, the pace of developments surrounding U.S. cryptocurrency regulations has been accelerating rapidly. In particular, the fate of the Clarify Act is drawing the entire market's attention.

As of the end of April, Congress was at a critical juncture. The Clarify Act had seen no significant progress throughout April, and with Congress heading into summer recess, the legislative period was nearing its end. Memorial Day on May 25th was effectively the deadline, after which lawmakers would be busy with election campaigns. In other words, this May is a crucial month that could determine the fate of the Clarify Act.

The situation is not simple. The Senate Banking Committee has yet to schedule a hearing on tokens. Other important issues, such as defense-related budgets and the appointment of the Federal Reserve Chair, remain unresolved. The yield problem of stablecoins also continues to be a major topic of debate.

What’s interesting is the industry’s response. Over 100 cryptocurrency companies signed an open letter last week urging the Senate Banking Committee to accelerate the review of the Clarify Act. This indicates that the entire industry is eager for the bill to be passed.

However, even if it passes the Senate, it still needs to be voted on in the House. The road ahead is still long. That’s why we cannot take our eyes off the developments this May. How far the Clarify Act progresses could become a major turning point for the market.