I’ve been paying attention to a matter that has a pretty significant impact on the crypto industry. In the United States, legislation on cryptocurrency finally has some substantive progress. Republican Senator Thom Tillis revealed this week that the much-anticipated digital asset market regulation bill is expected to move into the Senate Banking Committee’s review stage by mid-month.

To be honest, this bill has been stuck for a long time before. The main point of contention has been stablecoin yields. Banking lobbying groups have been fiercely defending their interests and don’t want crypto assets to have too much room in this area. But now it seems that the various sides have reached some consensus on a compromise. Tillis said that a few days before the hearing, he will first allow relevant stakeholders to review a draft version regarding stablecoin yields, giving banks more opportunity for negotiation.

However, there are still plenty of holes to fill in the bill itself. For example, the so-called “conflict of interest clause”—the Democrats insist on banning government officials from holding personal business interests in the crypto industry, which involves professional ethics issues. In addition, the legal protection clause for DeFi developers has also become an issue, because Judiciary Committee Chairman Chuck Grassley insists that this portion should be reviewed by them, which could trigger a power struggle between committees.

Time pressure is actually quite intense. Before the November midterm elections, the Senate has only about 11 weeks left in its legislative window, and any delays could cause this key “clarity bill” to miss the chance to pass this year. Notably, the House of Representatives already passed their version of the bill last year, so now it remains to be seen whether the Senate can keep up with the progress.

For those who want to see the industry officially integrated into the U.S. financial system, these next few months are indeed a critical period. Once the policy framework becomes clear, the outlook for related assets and projects will offer a much more expansive space for imagination.