The United States is about to issue "ID cards" for the crypto industry—BTC and ETH, only one can laugh last.

Something game-changing is happening in Washington.

It's not the Federal Reserve raising interest rates, nor the approval of an ETF.

It's money, really starting to talk.

In the past two weeks, the super PAC Fairshake supported by Coinbase, Ripple, and a16z has spent over $14 million in key districts. Just in Maryland, a House seat saw $5.5 million invested. In Texas, over $5 million was spent to oust the incumbent anti-crypto representative.

The political bets on the 2026 midterm elections in the crypto industry are entering the harvest phase.

And the biggest fruit is the CLARITY Act.

1. What exactly is this bill fighting over?

In one sentence: giving each crypto asset an "ID card"—are you a commodity or a security?

In recent years, the SEC and CFTC have been fighting over territory every day. The SEC says "most tokens are securities," the CFTC says "Bitcoin is a commodity." Projects don’t know who to listen to, exchanges don’t know if they can list, institutions don’t know if they can buy.

Uncertainty is the biggest enemy of the crypto market.

What the CLARITY Act aims to do is simple: draw a line. Highly decentralized assets fall under the CFTC as "digital commodities"; highly centralized assets fall under the SEC as "digital securities."

Sounds reasonable, right?

But here’s the problem—where this line is drawn determines the flow of trillions of dollars.

2. The fate of BTC and ETH diverges at this moment

The draft bill contains a critical clause: the SEC cannot reclassify assets with existing U.S. spot ETFs before January 1, 2026.

What does that mean?

Bitcoin and Ethereum are permanently excluded from the "securities" category.

Both are "digital commodities," both fall under the CFTC, and both have received a get-out-of-jail-free card.

But the impacts are completely different.

For Bitcoin—

The CLARITY Act is just icing on the cake.

Bitcoin’s position as "digital gold" has never been questioned; ETFs have long been approved, and institutions have already been buying. The bill passing just gives those still on the sidelines a reason to finally enter.

A positive development. But limited.

For Ethereum—

This is a lifesaver, even a lifeline.

Ethereum’s situation has always been more awkward than Bitcoin’s. Proof of Stake mechanisms, staking yields, foundation operations—these have kept SEC’s eyes on it, and it could be labeled a security at any time.

If Ethereum is classified as a security, major U.S. exchanges might be forced to delist ETH, and institutional holdings could face compliance disasters.

The CLARITY Act explicitly legalizes Ethereum staking yields, placing it in the same "commodity" basket as Bitcoin.

This is a qualitative leap for ETH’s valuation.

How much room is there for valuation recovery—from "possible ban" to "legally compliant"? You can imagine.

3. So who wins?

In the short term, ETH benefits more at the margin.

Bitcoin is already in a safe zone; ETH has been pulled from the gray area into the safe zone. The same "commodity" status means ten times more to ETH than to BTC.

But in the long run—

The whole industry wins.

The CLARITY Act is not just about classification; it also ends the absurd era of "needing lawyers before writing code." Developers no longer have to worry that their open-source code will be considered a crime.

Over 1,200 tech companies and 160 national security experts have jointly supported it.

This isn’t just crypto circle hype. It’s the entire U.S. tech industry pushing forward.

The White House aims to pass it before July 4th. Galaxy Research estimates a 60%-75% chance of approval.

Although the Senate still has unresolved issues like ethics clauses and illegal finance, and although the approval probability has dipped below 75% and then rebounded above 60%—the trend is already irreversible.

4. One last thing, remember—

“When Washington starts issuing ID cards for crypto assets, the game rules in the market are no longer ‘can it survive,’ but ‘how well can it survive.’”

BTC has obtained permanent residence. ETH has gained citizenship.

The only difference is—one was already at home, the other just got permission to enter. #我的Gate交易时刻 #Gate直通韩股股票 $BTC $ETH $SOL