Stuck for 4 months and finally breaking through! The CLARITY Act passes its first hurdle in the U.S. Senate, with August becoming the decisive moment.

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After more than 4 months of deadlock and partisan battles, the Digital Asset Market Clarity Act (CLARITY Act) officially passed the U.S. Senate Banking Committee review on Thursday, marking a critical step forward in establishing a regulatory framework for cryptocurrencies in the United States. On May 14, the Senate Banking Committee witnessed a dramatic last-minute turnaround when Republican Chairman Tim Scott, who had previously taken a hardline stance, made concessions and agreed to incorporate amendments that had earlier been rejected. This successfully secured crucial swing votes from Democrats at the eleventh hour, allowing the bill to narrowly pass with bipartisan consensus by a vote of 15 to 9. After the bill passed, Tim Scott stated: "This has been the most challenging yet most enlightening legislative process I have experienced since becoming a senator." He noted that all parties had spent considerable time over the past few months in communication and coordination. While the bill still has many disputes to resolve, he believes both sides will continue to cooperate to complete the final version. Next, the CLARITY Act will be merged and revised with a similar bill previously passed by the Senate Agriculture Committee, then sent to the full Senate for a vote, after which it will be reviewed by the House of Representatives, and finally submitted to U.S. President Trump for signature into law. Although Thursday's progress was encouraging, with Democratic lawmakers crossing party lines in support, the two sides still have considerable disagreements on the details. With limited time left in the Senate session, followed by the summer recess and midterm elections, the market generally believes that if the bill fails to complete key negotiations before this summer, it may face further delays. On the morning of the hearing, both parties were initially at loggerheads. However, just as lawmakers were locked in heated debate over the amendments, behind-the-scenes negotiations were quietly working their magic, allowing Tim Scott to successfully win over some Democrats. Regarding the suddenly added amendments, the committee's ranking Democratic member, Senator Elizabeth Warren, who has consistently been skeptical of cryptocurrencies, expressed strong dissatisfaction. However, with the outcome already settled, her Democratic colleagues holding similar opposing positions had been reduced to a minority. This "compromise version" of the amendments, which fostered bipartisan cooperation, focuses on strengthening investor protection, clarifying which cryptocurrency businesses banks can engage in, and precisely defining what constitutes "truly decentralized" DeFi projects. The DeFi-related regulations were strongly pushed by Democratic Senator Mark Warner. Although Elizabeth Warren criticized these as merely "half-measures that treat the symptoms rather than the root causes," she could not prevent the bill from advancing. Democratic Senators Ruben Gallego and Angela Alsobrooks, who were deeply involved in the negotiations, ultimately also cast votes in favor. For the crypto community, which has long awaited compliance guidance, this is undoubtedly a major victory. Blockchain Association CEO Summer Mersinger stated in a Thursday announcement: Long-term sustainable digital asset policy must be built on the foundation of bipartisan consensus. Today's vote proves that, regardless of party affiliation, there is growing recognition that the United States urgently needs a clear set of regulatory rules. Ethics Clauses and Anti-Money Laundering Disputes Remain Unresolved However, for the CLARITY Act to truly become law, it must still cross two major hurdles: first, how to prevent cryptocurrencies and DeFi technology from becoming hotbeds for financial crime; and second, establishing an "Ethics Provision for Government Officials" (i.e., conflict-of-interest clauses) that restricts public officials from excessive involvement in the cryptocurrency industry. Given that U.S. President Donald Trump and his family are deeply involved in the cryptocurrency sector, whether the "ethics clauses" will touch sensitive nerves at the White House remains unknown. White House advisor Patrick Witt stated earlier this month that he firmly opposes any discriminatory clauses targeting specific individuals or positions. The bottom line in negotiations is that "uniformly applicable" regulations must be established, applying to everyone from the President down to interns on Capitol Hill. Final Vote Before August Digital Chamber head Cody Carbone analyzed that the final vote must be completed before August. As long as consensus can be reached on the ethics clauses, the CLARITY Act has a chance to secure the 60-vote supermajority threshold in the Senate: I believe they will negotiate the terms before going to the floor vote. After all, no one will rashly attempt to push it through without full confidence. The Senate's legislative schedule has little time remaining before the summer recess and midterm elections. To complete legislation within this year, there can be no further major delays in the upcoming process.

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