#夏日创作营 CLARITY Bill last window! Can it work a miracle before the August recess?

More consequential than market volatility is the life-or-death sprint at the policy level. According to earlier reports, the biggest obstacle facing the U.S. “Clarity Act” for Digital Asset Markets (CLARITY Act) right now is bipartisan political confrontation, with Democrats unwilling to let Trump score a political achievement.

Core dilemma: U.S. senators returned to work on July 13, leaving less than two weeks until the early August congressional summer recess. On July 17, the House Financial Services Committee already held a hearing in New York, but progress is slow. While the bill itself has no policy controversy, only the ethical provisions remain to be refined, bipartisan games have stalled it. Galaxy Digital founder Mike Novogratz has publicly called for both sides to compromise to get the legislation implemented as soon as possible.

Why does it matter?
This is the first U.S. bill to cover regulatory oversight for all types of cryptocurrencies. If it can’t be passed before August, it will be pushed to after the midterm elections, and ongoing regulatory uncertainty will continue to suppress institutional capital from entering the market. More seriously, the legal precedent from the Tornado Cash case—founders facing criminal liability for open-source code—may become a threat the industry broadly faces.

Why does it matter?
This is the first U.S. bill to cover regulatory oversight for all types of cryptocurrencies. If it can’t be passed before August, it will be pushed to after the midterm elections, and ongoing regulatory uncertainty will continue to suppress institutional capital from entering the market. More seriously, the legal precedent from the Tornado Cash case—founders facing criminal liability for open-source code—may become a threat the industry broadly faces.

Possible impacts on ★★★★★ major negatives (short term if stalled) / positives (long term if passed)
If the bill stalls, the SEC will continue “overreaching enforcement,” and capital will keep flowing to the EU, Hong Kong, and the UAE. If a miracle happens and it passes, quality public chains and the DeFi sector will see a breakout. Stablecoin infrastructure assets will directly benefit.

One sentence: Next week is the last moment that will decide the fate of U.S. crypto regulation.