Trump nodded, but the bill isn’t secure yet! In these two weeks, what the crypto market fears most isn’t a drop—it’s “not passing”

The CLARITY Act.

If you still don’t know what these four letters mean, I’ll say it plainly: it could be the most gentle policy “sweep” the US has ever carried out against the crypto industry.

But on July 22, a dramatic scene unfolded:

Trump approved the wording of the bill’s “ethics provisions.”

Sounds like a major positive, right? If the president nodded, what else is there to say?

Don’t rush. The bipartisan consensus in Washington is even harder to find than USDT reserves being transparent.

What exactly did Trump agree to?

The content of the provision is actually simple:

It bans federal officials such as members of Congress, the president, and the vice president from issuing digital assets, with the Department of Justice as the chief enforcement agency.

Translation: If you’re an official, don’t think about issuing tokens to cut retail investors. If you break the law, the DOJ will handle it.

On paper, a provision that limits officials’ power should be a “protective umbrella” for the industry—at least it signals that regulation is starting to play by the rules.

But the problem lies in those three words: “enforcement power.”

The Democrats blew up immediately

Senator Alsobrooks fired off a direct challenge:

“Why should the DOJ take control of everything? What about state-level enforcement power?”

On the surface, it’s a dispute over jurisdiction. Under the hood, the real subtext is:

“Trump’s TRUMP meme coin, and his World Liberty Financial—will the DOJ investigate them, and how far can it go?”

Do you get it?

Trump endorsed the provision because the provision’s “practical binding power” on his personal token-issuing behavior may be limited. And the Democrats are holding onto it because they want to specify the enforcement power down to the state level—meaning, they’re putting “bayonets” onto the provision.

This isn’t a party fight.

It’s about whether this bill is truly “protecting investors,” or protecting some people’s own stash.

You know why the crypto world both loves and hates this bill?

Because Section 604—if it gets removed—could bring non-custodial developers (i.e., the people writing the code) under the jurisdiction of the Bank Secrecy Act.

Still don’t get it? I’ll spell out the consequences for you:

If you build an open-source wallet, you may not have custody of users’ assets. But if Section 604 is removed, you might have to fulfill KYC/anti-money-laundering obligations like a bank.

This isn’t regulation—it’s discouragement for developers.

Industry lawyers have already spoken: remove Section 604? Sure—then we’ll see you in court. Constitutional challenges are waiting for you.

With the August 7 recess deadline just two weeks away.

Trump’s nod ≠ the bill will pass smoothly.

Right now, the situation is:

✅ The biggest obstacle removed (Trump’s nod)

⛔ A new obstacle appears (the tug-of-war over enforcement power + Section 604)

After the news came out, BTC briefly spiked and then pulled back; it’s currently trading around $66,500. Not a straight surge, not a brutal crash—markets are “voting” with four words: cautious optimism.

Because everyone knows:

If the bill doesn’t pass before the recess, all negotiations will have to be restarted in September. By then, with election-year political games getting even more intense, the provisions will be rewritten into something even more unrecognizable.

I think it can pass. But it’ll likely be a “compromise version.”

The core logic is simple:

Trump needs legislative achievements—this is the real-world validation of his “pro-crypto” persona.

The Democrats need a compliance framework—because the cost of leaving things unmanaged is higher.

The industry needs certainty—even the worst rules are better than having no rules.

The final version is likely to be: the ethics provision remains, but enforcement power is shared between the federal government and the states. Section 604 may be compromised into a “more mild wording,” so it won’t outright plunge all developers into the water in one fell swoop.

Not the best outcome, but possibly the only version that can pass right now.

You think Trump’s nod means it’s settled? In Washington, the script is never known for sure until the last line—never until you find out who the villain is. #事件合约上线 #ETH突破1900美元 #夏日创作营 $BTC $ETH