#夏日创作营 From the presidential crypto token-issuance ban to new stablecoin regulations, the CLARITY Act rewrites the crypto industry’s regulatory landscape

On July 22, 2026, the Republican Party in the U.S. Senate released the latest revised draft of the “CLARITY Digital Assets Market Structure Act.” This 616-page document draws a red line directly against public officials issuing tokens for profit, and it also sets an entirely new rulebook for the whole crypto industry—both near-term market volatility and long-term industry reshuffling will begin from here.

The fuse for the bill is the massive profits from Trump’s personal crypto business. Previously disclosed documents show that his 2025 crypto-related income totaled $1.2–$1.4 billion. On one hand, he rolled out accommodating crypto policies; on the other, he reaped gains by collecting revenues from personal tokens. The conflict between public power and private interests sparked controversy across the U.S., and a ban on token issuance by public officials was the binding provision forged through negotiation between the two parties.

Under the new rules, while serving in office, the president, members of Congress, federal judges, and their spouses may not issue or endorse any digital assets for profit; the platform also cannot list such officials’ tokens. Only ordinary investors are allowed to hold them, and large-scale buying and selling must be fully disclosed.

What’s notable is that this ban includes a sunset clause expiring in 2029, which aligns exactly with the end of the current presidential term—and has become the key point of contention strongly opposed by Democrats.

Stablecoin rules are also directly disrupting the crypto industry’s existing business models: idle stablecoin balances may not passively accrue interest; only rewards tied to operational actions such as trading and staking are allowed under the rules.

Right now, earning interest on stored USDC and USDT is a core source of DeFi revenue. Once the provisions take effect, profits in the related sectors will shrink sharply, and a contest over the $1 trillion+ capital flows—toward banks and crypto platforms—will formally begin.

At the same time, the bill preserves industry-protection clauses: decentralized developers and self-custody of crypto assets are protected by law. When an exchange goes bankrupt, users’ assets are forcibly segregated, and it also fills in details on anti–money laundering and criminal investigations for crypto, balancing regulation with industry innovation.

However, implementing the bill will be difficult. The Senate needs 60 votes to move it forward. Current market forecasts put the probability of passage by year-end at only 42%. August 7, when Congress recesses, is the last window—if missed, legislation will be delayed at least until 2027.

For the crypto industry, regardless of whether the bill ultimately takes effect, the signal is already clear: the political token track is effectively constrained, the stablecoin yield logic is being rebuilt, and regulatory boundaries for decentralized assets such as BTC and ETH are being explicitly defined. Near-term legislative uncertainty will keep suppressing market sentiment, and once the long-term compliance framework lands, the entry threshold for institutional capital will drop. The industry will accelerate the elimination of non-compliant projects, and the advantage of top compliant platforms will keep widening.