On July 20, 2026, U.S. President Trump agreed to incorporate into legislation the ethics provisions of the “Digital Asset Market Structure Act” (the “Clarity Act”), which had been stalled for months. This pivotal concession broke the months-long deadlock, clearing the final obstacle for a bill intended to establish the first comprehensive crypto asset regulatory framework in the United States.

📜 Key Provisions and Focus of Disputes

According to details disclosed by Patrick Wheat, a senior crypto adviser at the White House, the core content of the new provisions includes:

· Prohibiting token issuance: explicitly banning all federal officials—including members of Congress, the president, and the vice president—from issuing or providing digital assets.
· Assignment of enforcement authority: the U.S. Department of Justice (DOJ) would serve as the primary enforcement body, rather than state attorneys general.

However, the assignment of enforcement authority has become the new flashpoint. Democrats have long argued that states should retain a certain degree of enforcement power. One of the bill’s main negotiators, Maryland Democratic Senator Angela Alsobrooks, said plainly: “It’s not a serious proposal to have the DOJ enforce the ethics provisions,” and if the final text is like that, she will not support the bill.

🎯 The Core Game: Trump’s “Conflict of Interest”

The focus of the controversy directly targets Trump’s meme coin and his family company, World Liberty Financial (WLF). Financial reports disclosed last month show that Trump received millions of dollars in related income from WLF. Therefore, whether the provision can truly bind the president himself has been the core of the debate from the start.

📈 Market Reaction and Outlook

After the news broke, the prediction market Polymarket showed that the probability of the “Clarity Act” passing this year had risen to about 43%. The White House said it has agreed to “the most comprehensive and widest-ranging ethics provisions in history.” Senate Majority Leader John Thune also said the bill’s prospects “depend on whether Democrats can reach consensus to deliver votes.”

If the bill ultimately passes, the U.S. will, for the first time, establish clear rules for the crypto industry at the federal level; but if it is stalled again due to disputes over enforcement authority, as the August recess approaches and the midterm elections near, the likelihood of passage within the year will drop significantly. Trump’s agreement resolves the biggest immediate obstacle, but Democrats’ final position remains the key variable. #夏日创作营