IV. Latest Key Developments in U.S. Crypto Regulation

1. The CLARITY Act Enters a Critical Window
The Senate Banking Committee passed a procedural vote on May 15:9, with a standoff between the two chambers; the next two weeks are the golden window for a vote. If it cannot be enacted before the August congressional recess, the bill will restart negotiations. Core of the bill: BTC/ETH placed under CFTC oversight, security tokens under SEC, a safe harbor for DeFi decentralized projects, and stablecoin regulation. Passage would fundamentally change the industry's compliance environment.

2. SEC Five-Year Strategic Plan Implemented
Digital assets are included in the SEC's long-term regulatory priorities for the first time, shifting from "after-the-fact enforcement" to building a formal framework, improving industry certainty in the long term, but raising short-term compliance costs.

3. New Tax Rules Advancing
H.R. 9172 proposes extending the 30-day wash sale rule for stocks to cryptocurrencies, with the 1099-DA crypto tax form to be used starting in 2026, increasing institutional trading compliance costs.