The U.S. Senate did not move forward with a vote on the CLARITY Act before its August recess. It is expected to wait until after Congress reconvenes in mid-September.

If passed, the CLARITY Act would further clarify:
SEC and CFTC regulatory boundaries;
cryptocurrency asset classification;
the regulatory framework for trading platforms;
the legal framework for U.S. institutions to enter the crypto market.

The likelihood of rapid implementation in 2026 has clearly decreased.
The impact on BTC is relatively neutral, while the impact is greater for Coinbase, Circle, and U.S. crypto infrastructure companies.