TechFlow News, July 12: According to The Hill, the U.S. Crypto Market Structure Bill "CLARITY Act" is approaching a critical juncture for advancement before the August congressional recess. Senate Majority Leader John Thune plans to push the bill to the Senate floor for deliberation during the week of July 20, but still requires support from at least 7 Democratic senators.
Current controversies mainly focus on ethical restrictions on government officials participating in the crypto industry, provisions related to illicit finance, liability exemptions for software developers, nominations for commissioners of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission, and issues such as stablecoin reward mechanisms potentially triggering bank deposit outflows.
Meanwhile, crypto-related income disclosed by Trump has further intensified Democratic concerns over potential conflicts of interest. Analysis suggests that if the bill fails to make progress before the August recess, the room for pushing it again before the midterm elections may significantly narrow.
