U.S. President Donald Trump, during a meeting with leading crypto industry players at the White House on August 19, made a direct appeal to lawmakers: it is necessary to pass a "fair version" of the CLARITY Act, which would define the regulatory framework for digital assets at the federal level. In my assessment, this is not just a political gesture, but a signal that the administration realizes: without clear rules, the U.S. risks ceding leadership in the race for innovation, primarily to China.
Attendees at the meeting included heads of Coinbase, Ripple, Kraken, Gemini, Robinhood, Nasdaq, and Intercontinental Exchange, as well as SEC Chairman Paul Atkins and CFTC Chairman Michael Selig. The key task of the CLARITY Act is to delineate the powers of the two regulators and create a unified federal oversight system. Coinbase CEO Brian Armstrong expressed confidence that the bill could secure support from more than 60 senators, which would provide the industry with stable rules "for decades to come."
However, not everyone shares the optimism. Arizona Senator Ruben Gallego, involved in bipartisan negotiations, openly cautioned against forcing a vote. At the Wyoming Blockchain Symposium, he stated that Republicans and Democrats need to resolve fundamental disagreements—from ethical restrictions for officials to questions of stablecoin yields. "A quick vote gives a quick result, but I'm not sure that's what you want," Gallego emphasized, signaling that the quality of the law matters more than the speed of its passage.
One of the sharpest sticking points remains the rules restricting current government officials from participating in crypto projects. This provision directly affects the commercial interests of the Trump family in the industry, raising legitimate questions among some Democrats. According to available data, Gallego and Republican Senator 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. Gallego stressed that the parameters of ethical norms should be determined by Congress, not the president.
The second conflict point is stablecoin yields. American banks insist on tightening bans on reward programs, which they believe mimic interest-bearing deposits. Crypto companies, in turn, see this as an attempt by traditional financial institutions to protect their deposit model from competition. This is a classic clash of interests that is unlikely to be resolved quickly.
Recall that in August, the Senate already postponed consideration of the CLARITY Act until September. Republican Majority Leader John Thune then promised to return to the document after the recess. However, given the depth of disagreements, I predict that the vote could drag on. In my understanding, the market needs not just a law, but a balanced act that does not create new loopholes or stifle innovation. Haste here is the worst advisor, and it seems the Senate understands this better than the White House.