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只会呐喊的尖刀手
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In one sentence: Trump urged Congress to pass the CLARITY Act—this isn’t another “crypto buy/sell” hype driven by encrypted signals. Instead, the U.S. wants to settle the decade-old mess of whether tokens fall under the SEC or the CFTC by moving from “catch people after the fact” to “write it into law in advance.” It’s stuck at the Senate, the full chamber—mid-September is the deadline for life or death.
1. What exactly does this bill do?
It doesn’t invent any new asset. It does just one thing: it gives tokens a kind of “ID.”
• If it’s sufficiently decentralized → treated as a digital commodity → governed by the CFTC
• If it’s still in fundraising / there’s a team controlling positions → treated as a security → governed by the SEC
• If it’s a payments stablecoin → goes into the banking system (the GENIUS Act already has separate legislation)
Previously, projects would run first and, years later, the SEC would retroactively recognize “actually, it’s a security.” CLARITY wants to do the opposite: draw the lines first, then enter.
2. Where is it at now?
• House: already passed, 294:134 in 2025
• Senate Banking Committee: passed in May 2026
• Full-chamber vote: stalled—August recess; procedural votes around Sept. 15 (needs 60 votes)
• The sticking point isn’t technical—it’s political: Democrats want to add a clause that no president or other officials may profit from crypto projects; Republicans don’t want it. The banking faction also thinks stablecoin interest payments are too loosely regulated.
3. Why Trump is applying public pressure
The SEC / CFTC currently rely on administrative rulemaking to patch things up (for example, the SEC’s crypto funding exemption draft in August, and the CFTC saying it won’t work and will take control itself). But an executive order can be torn up by the next administration.
Only congressional legislation can lock a “pro-crypto” framework into long-term, institutional rules—so what’s driving market growth isn’t just Trump’s mouth, it’s the “probability of legislation” being repriced.
What the market is really watching:
Whether the Senate can get 60 votes in September to pass cloture. If it passes → the crypto market structure is formally codified into law, and exchanges / RWA / mainstream coins get a certainty premium; if it doesn’t → it reverts to the old path of “SEC + CFTC administrative regulation + court battles,” delaying policy tailwinds but not setting them to zero.
#特朗普敦促国会通过Clarity法案
1. What exactly does this bill do?
It doesn’t invent any new asset. It does just one thing: it gives tokens a kind of “ID.”
• If it’s sufficiently decentralized → treated as a digital commodity → governed by the CFTC
• If it’s still in fundraising / there’s a team controlling positions → treated as a security → governed by the SEC
• If it’s a payments stablecoin → goes into the banking system (the GENIUS Act already has separate legislation)
Previously, projects would run first and, years later, the SEC would retroactively recognize “actually, it’s a security.” CLARITY wants to do the opposite: draw the lines first, then enter.
2. Where is it at now?
• House: already passed, 294:134 in 2025
• Senate Banking Committee: passed in May 2026
• Full-chamber vote: stalled—August recess; procedural votes around Sept. 15 (needs 60 votes)
• The sticking point isn’t technical—it’s political: Democrats want to add a clause that no president or other officials may profit from crypto projects; Republicans don’t want it. The banking faction also thinks stablecoin interest payments are too loosely regulated.
3. Why Trump is applying public pressure
The SEC / CFTC currently rely on administrative rulemaking to patch things up (for example, the SEC’s crypto funding exemption draft in August, and the CFTC saying it won’t work and will take control itself). But an executive order can be torn up by the next administration.
Only congressional legislation can lock a “pro-crypto” framework into long-term, institutional rules—so what’s driving market growth isn’t just Trump’s mouth, it’s the “probability of legislation” being repriced.
What the market is really watching:
Whether the Senate can get 60 votes in September to pass cloture. If it passes → the crypto market structure is formally codified into law, and exchanges / RWA / mainstream coins get a certainty premium; if it doesn’t → it reverts to the old path of “SEC + CFTC administrative regulation + court battles,” delaying policy tailwinds but not setting them to zero.
#特朗普敦促国会通过Clarity法案
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