The Clear Law enters a critical moment, potentially influencing the development of the crypto industry.

Writing: Blockchain Knight

The pace of the U.S. “Clear Act” has significantly accelerated. Legislators, regulators, and the crypto industry have rarely reached consensus, and they are working hard to push the bill into review by the Senate Banking Committee.

However, the dispute over stablecoin yields remains the core obstacle, and with the midterm elections approaching in mid-November, the legislative window has entered a critical countdown.

The urgency to advance the bill is intensifying. Senator Cynthia Lummis has clearly stated that this is the “last chance” to pass the bill before 2030, warning that missing it will affect the future of American finance.

Former White House crypto chief David Sacks has also called for the Senate to pass the bill, believing it can build on the achievements of the “Genius Act” and establish U.S. leadership in the digital assets sector.

As the midterm elections approach, congressional priorities may shift, and the pace of crypto legislation may be delayed, further underscoring the urgency of pushing the bill forward right now.

At present, multiple forces have already formed to work together in pushing. On the regulatory side, U.S. Treasury Secretary Scott Bessent published an article in The Wall Street Journal calling for faster legislation, pointing out that the lack of clear regulation would cause the U.S. to fall behind jurisdictions such as Abu Dhabi and Singapore. He emphasized that enduring laws are the key to attracting blockchain developers and entrepreneurs to return.

SEC Chair Paul Atkins has also voiced support, saying the bill can protect against “rogue regulatory agencies,” and should be submitted to the president for signature as soon as possible.

From an industry perspective, a16z Crypto managing partner Chris Dixon and Immutable founder Robbie Ferguson have both said that clear regulation can benefit consumers and entrepreneurs, and could even help the industry surpass the growth of the gaming industry over the past decade.

Coinbase’s shift in stance has become an important driving force. Its CEO Brian Armstrong previously refused to support the bill twice, believing that the draft version was inferior to the current regulatory landscape. But now he has responded to Bessent’s call and publicly stated his support for advancing the bill.

Its Chief Legal Officer Paul Grewal then noted that whether the bill can be considered smoothly hinges on whether all parties can reach consensus on the stablecoin yield dispute—an issue that still remains the central obstacle to advancing the bill.

It is understood that the “Clear Act” is intended to clarify regulatory rules for crypto assets and delineate jurisdiction between the SEC and the CFTC. It complements the “Genius Act” signed by Trump earlier: while the latter’s rollout has proven the feasibility of crypto legislation, full advancement requires support from the “Clear Act.”

The bill has become a litmus test for Washington’s determination to regulate crypto. Although various parties have formed a unified push, factors such as unresolved stablecoin disputes and a tightening election window still bring uncertainty. Whether the bill can ultimately pass smoothly will directly determine the U.S.’ competitiveness in the global digital finance arena.