The US Senate has just released the latest revised text of the “Digital Asset Market Clarity Act.” This draft, over 600 pages long, draws clear boundaries between “code” and “power.” Let’s not talk in the abstract—here are the core changes:

First, decentralized developers get a “get-out-of-jail-free” card: the bill makes it explicit that non-custodial software developers are not considered “money transmission service providers.” As long as they honestly write decentralized code, they won’t have to worry about compliance “guilt by association” every day, and the rights to “self-custody crypto assets” are also written into law.

Second, there’s a ban on politicians issuing tokens: the President, Vice President, members of Congress, and others are prohibited from issuing tokens or promoting crypto projects to make money during their terms, and the ban lasts until 2029. If exchanges knowingly list tokens from违规 politicians, the Department of Justice will show up directly.

Third, the end of “stablecoin downtime income”: it bans companies from paying passive interest on “idle stablecoin balances,” but revenue based on real on-chain activity (such as trading or staking) remains legal—pushing capital toward genuine business use cases.

Fourth, tighter regulatory boundaries and anti-money laundering: it introduces a “mature blockchain test.” Tokens that are decentralized enough will be removed from the jurisdiction of the US Securities and Exchange Commission, instead falling under the Commodity Futures Trading Commission. At the same time, exchanges and brokers must carry out anti-money-laundering controls to standards required of financial institutions; big firms benefit, while the survival space for smaller ones gets squeezed.

Overall, if the bill passes and takes effect, the crypto industry will move on from “wild growth” entirely. In the era of big compliance, it won’t be about gaming loopholes anymore—it’ll be about real fundamentals.

Do you think this bill can make it through smoothly? Feel free to discuss in the comments. #Gate事件合约首发狂欢 $BTC $ETH