Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
CFD
Stock CFD Derivatives
US Stocks
Access real US stocks and ETFs
HK Stocks
Trade quality Hong Kong-listed stocks
Korean Stocks
SK Hynix
Real Korean stocks and top assets
Stock Futures
High leverage, 24/7 trading
Tokenized Stocks
Backed by real stock assets
IPO Access
Unlock full access to global stock IPOs
GUSD
3.8%
Mint GUSD for Treasury RWA yields
Stocks Activities
Trade Popular Stocks and Unlock Generous Airdrops
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
IPO Access
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
#夏日创作营 From the presidential ban on issuing tokens to new stablecoin regulations, the CLARITY Act rewrites the crypto regulatory landscape
On July 22, 2026, the U.S. Senate Republican Party released the latest revised draft of the “CLARITY Digital Asset Market Structure Act.” This 616-page document draws red lines directly for public officials to issue tokens for profit and sets entirely new rules for the whole crypto industry. It will kick off both short-term market volatility and long-term industry reshuffling.
The spark for the bill’s introduction is the enormous profits from Trump’s personal crypto businesses. Previously disclosed documents show that his 2025 crypto-related income totaled $1.2–$1.4 billion. While he rolled out lenient crypto policies, he also harvested returns by using personal tokens. The conflict between public power and private interests sparked a national controversy in the U.S., and a ban on token issuance by public officials became the constraint clauses produced by bargaining between parties.
The new rules specify that during their terms, the president, members of Congress, federal judges, and their spouses may not issue or endorse any digital assets for profit, and platforms also may not list such officials’ tokens. Only ordinary investors may hold them, and any large-scale buying and selling must be fully disclosed.
What’s interesting is that this ban includes a sunset clause expiring in 2029, which lines up with the end of the current president’s term and also becomes a central point of contention strongly opposed by Democrats.
Stablecoin rules are even more directly disruptive to existing crypto business models: idle stablecoin balances are not allowed to passively pay interest—only rewards for active operational behaviors like trading and staking are compliant.
Right now, earning interest on USDC and USDT holdings is a core DeFi revenue source. Once the terms take effect, profits in the related sectors will shrink significantly. A contest over where the $10 trillion-plus capital flows will go—between banks and crypto platforms—has officially begun.
At the same time, the bill retains industry protection clauses: decentralized developers and self-custody of crypto assets are legally protected. When an exchange goes bankrupt, users’ assets must be forcibly segregated. It also fills in anti–money laundering and criminal investigation follow-up details, aiming to balance regulation with industry innovation.
However, rolling out the bill won’t be easy. The Senate needs 60 votes to move it forward. Current market estimates put the probability of passage by year-end at only 42%. The August 7 congressional recess is the last window; if it’s missed, legislation will be postponed to at least 2027.
For crypto, regardless of whether the bill can be implemented, the signal is already clear: the political token track is effectively shut down, the stablecoin yield logic is being rebuilt, and the regulatory boundaries for decentralized assets like BTC and ETH are being made explicit. In the short term, legislative uncertainty will keep suppressing market sentiment. In the long run, once a compliant framework is in place, entry barriers for institutional capital will lower, the industry will accelerate the elimination of non-compliant projects, and the advantages of top compliant platforms will keep expanding.
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.