#CLARITY法案进入最后关键阶段 Trump’s crypto gains are the biggest obstacle to the Clarity Act

On July 25, Bloomberg reported that about $1.4 billion in profits Trump has earned through crypto businesses has become the biggest obstacle to the passage of the Clarity Act. This week, Senate Republicans released a draft aimed at breaking a months-long stalemate, but Democrats and consumer rights groups immediately criticized its moral provisions as insufficient—unable to stop Trump and his family from continuing to profit from crypto businesses.

Trump needs the support of at least seven Democratic senators for the bill to pass. Maryland Democratic Sen. Angela Alsobrooks said the moral provisions are “key.” The controversy centers on three areas: the Justice Department holding sole enforcement authority (excluding oversight by state attorneys general), whether the moral restrictions cover Trump’s indirect shareholdings, the bill not binding officials’ children, and the provisions automatically expiring on January 20, 2029. Democratic Sen. Ruben Gallego of Arizona and Republican Sen. Thom Tillis of North Carolina said they are studying compromise options, but Senate Majority Leader John Thune said it is unlikely the bill will pass before the August recess. In addition, the banking industry also opposes the stablecoin yield provisions, fearing deposit outflows. Data from Polymarket shows the probability of the Clarity Act passing this year has fallen to about one-third.