This week's core focus: The U.S. "CLARITY Act" Cryptocurrency Regulation Bill Approaches a Key Vote

This is the most important news of the week. The U.S. Senate Banking Committee released the full text of the "CLARITY Act" bill (309 pages) on May 12, and is scheduled to hold a committee review vote on May 14 (this Thursday) at 10:30 AM [Reuters].
Key points:
• Clearly delineate the regulatory jurisdiction of the CFTC and SEC over digital assets, with most digital commodities and their derivatives managed by the CFTC
• Permanently classify spot ETFs like BTC and ETH as "non-securities," fundamentally limiting the SEC's power to define them as illegal securities offerings
• Require stablecoin issuers to maintain 1:1 reserves
• Protect users' self-custody rights
• Allow banks to custody, pledge, and lend digital assets without prior approval
• The bill's implementation may begin as early as summer 2027
Market interpretation:
Community sentiment is generally optimistic. Michael Saylor states that the bill is a "systemic victory" for BTC and could unlock up to $20 trillion of institutional capital on hold [X/Twitter]. However, the probability is currently about 50%, with divisions within the Democratic Party, and banking lobbies still pressuring to restrict stablecoin yields. If the vote passes on Thursday, it will be a milestone event for the crypto industry to gain regulatory certainty in the U.S.; if blocked, a short-term pullback may occur $BTC .