Commander168

In the past couple of days, there has been no shortage of headlines about a U.S. bill (#Clarity ), and some read as if a regulatory framework is about to be implemented. The actual progress needs to be broken down.

On August 8, the Senate Majority Leader took action for a procedural vote, and the formal vote is expected to wait until after the August recess ends. For the bill to continue moving forward, it still needs to clear the 60-vote threshold. However, key issues remain disputed, including stablecoin rewards, banking competition, the allocation of regulatory authority, and potential conflicts of interest involving government officials’ crypto asset holdings.

This is not a piece of news that can be directly compressed into “a major positive development is in place.” Procedural progress indicates negotiations are still ongoing, but it does not mean the bill has already passed—and it certainly does not mean every provision will be retained.

The biggest fear for regulatory news is misreading even one verb: “advance” versus “pass”—they carry very different implications for the market.

Stablecoins are doing the one thing banks least want to see

The U.S. is first pushing stablecoin rules, and now it’s also continuing to discuss the entire crypto market structure. Stablecoins used to be just “digital dollars” on exchanges; now they are moving into payments, settlement, and banking services. Coin prices can change their faces three times a day, but stablecoins are fighting for the entry point to the next decade.$USDT $USDC #稳定币

The U.S. crypto bill is delayed again, while regulatory optimism continues to be held out as a promise.

The U.S. Senate has postponed the vote on the CLARITY Act until after the August recess. Whether it can pass this year has become increasingly uncertain.

This bill was originally seen by the crypto industry as the biggest regulatory tailwind of the year, because it would redefine the regulatory boundaries between the SEC and the CFTC for the crypto market.

But political disagreements have not been resolved. Traditional banks are also opposing crypto platforms offering yield-bearing products, so the bill can only be pushed further back.

Meanwhile, Trump Media has also terminated multiple collaborations with Crypto.com involving crypto treasury, prediction markets, and ETF services.

One is that regulation keeps dragging and can’t land; the other is that companies are starting to scale back operations.

What the crypto industry fears most right now is not an explicit negative signal, but rather positive developments that never move beyond “the next vote.” $BTC