The American crypto market stands on the brink of a historic legislative shift. On August 19, at a White House meeting with industry leaders, Donald Trump publicly demanded that Congress pass a "fair version" of the CLARITY Act bill. This statement was made in the presence of executives from Coinbase, Ripple, Kraken, Gemini, Robinhood, Nasdaq, and Intercontinental Exchange, as well as the heads of the SEC and CFTC — Paul Atkins and Michael Selig.
The essence of the initiative is to create a unified federal regulatory system for digital assets with a clear division of powers between the SEC and CFTC. According to Trump, delay threatens U.S. technological leadership, ceding the initiative to Beijing. Coinbase CEO Brian Armstrong expressed confidence that the bill could secure support from more than 60 senators, cementing the rules of the game for the industry for decades to come.
The Senate is stalling the process
However, warnings are sounding in the Senate. The key Democratic negotiator, Arizona Senator Ruben Gallego, has openly opposed forcing a vote. At the Wyoming Blockchain Symposium, he emphasized that unresolved contradictions remain between the parties regarding ethical restrictions for officials and stablecoin yields. "A quick vote gives a quick result, but I'm not sure that's what you want," Gallego said, hinting at the risks of adopting a raw and unrefined document.
Lawmakers must complete coordination with the Senate Agriculture Committee, assemble a final package of amendments, and determine the procedural path forward. One of the main sticking points remains rules limiting government officials' participation in crypto projects. This provision directly affects the Trump family's commercial interests in the industry, which is drawing fierce resistance from some Democrats.
Gallego and Republican Tom Tillis have already prepared a compromise version of the restrictions and sent it to the White House, but no substantive response has come from the administration. The senator insists: the parameters of ethical standards should be determined by Congress, not the president. A second conflict is flaring up around stablecoins: traditional banks are demanding strict limits on rewards programs, seeing them as hidden competition to deposits, while crypto companies view this as protection of an outdated banking model.
Recall that on August 6, the Senate officially postponed consideration of the CLARITY Act until September. Republican Majority Leader John Thune confirmed that the chamber will return to the document after the recess, but the intrigue remains.
My analysis: Trump's pressure is a double-edged sword. On one hand, the market desperately needs legal certainty, and dragging out the process only intensifies uncertainty for institutional investors. On the other hand, passing the law "in haste" without resolving ethical conflicts could create a precedent that will haunt the industry for years. I'm watching how the administration will balance between ambitions and the real political machinery of the Senate.