On July 13, US President Donald Trump issued a categorical call to the Senate — to pass the CLARITY Act before the August congressional recess. This is not just another legislative initiative, but a pivotal moment in the redistribution of control over digital assets.
Shift in Regulatory Direction
The essence of the CLARITY Act lies in a radical reform: a significant portion of cryptocurrency oversight moves from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). This means that many tokens that the SEC attempted to classify as securities could gain commodity status — fundamentally changing the rules of the game for the entire industry.
In my assessment, such a move effectively acknowledges the SEC's inability to effectively regulate the rapidly growing digital asset market. The CFTC, with its experience in derivatives and commodities, appears to be a more suitable regulator for cryptocurrencies, especially Bitcoin and Ether.
The 60-Vote Political Hurdle
However, the bill's passage faces a serious obstacle. Overcoming the procedural filibuster requires 60 votes in the Senate. Republicans, holding the majority, cannot pass the law without Democratic support. The latter, in turn, insist on including strict norms regulating conflicts of interest — particularly in the context of recent scandals involving crypto lobbyists.
Without a bipartisan compromise, the CLARITY Act risks getting stuck in bureaucratic quicksand, setting regulation back by another year. Meanwhile, the market awaits clarity — and if the Senate goes on recess without a decision, volatility in the sector could spike sharply.
My forecast: Trump will use all his political influence to push the law through, but concessions to Democrats are inevitable. If the CLARITY Act is passed, it will mark the biggest shift in cryptocurrency regulation since 2023 — and pave the way for institutional adoption. If not, the market faces a period of uncertainty that will hit altcoins the hardest.