If this hurdle on July 20 isn’t cleared, then before the midterm elections there’s basically no chance. The game between the two parties is harder to debug than code.

The U.S. Senate is facing a critical window for the《Clarity Act》，with plans to push for a full Senate consideration during the week of July 20, but it will require at least seven Democratic senators to support it. The disagreement centers on ethical limits for government officials’ involvement in the crypto industry, provisions on illicit finance, a software developers’ liability exemption, nominations of SEC and CFTC commissioners, and whether stablecoin rewards could trigger capital outflows from bank deposits. Recent financial disclosures from Trump show that he earned about $1.2 billion in crypto-related income last year, further intensifying Democrats’ concerns about conflicts of interest. Analysts believe that if the bill cannot make a breakthrough before the August recess, the time window to push it again ahead of the midterm elections will be extremely limited.