May your happiness be hidden in the steam of three meals a day.
The soy milk for breakfast is just the right temperature—not too hot to drink. The lunch bento is just the right taste—perfect for your appetite. The lights at dinner are just gentle enough.
Life isn’t elsewhere; it’s right here—in the steady comfort of this bowl of porridge and this plate of rice.
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.
• 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.
When data shows that BTC breaks above the $69,000 mark, within a short period of time there are short liquidations exceeding $1 billion. Forced short covering becomes an important fuel for the rally.
From open interest and the liquidation heatmap, around 70,000 is the area where large leveraged positions are concentrated. After a breakout, it’s easy to trigger a chain reaction of liquidations.
The market has accumulated a large amount of short leverage
If this is only caused by contract liquidations: Price rises, but there is no obvious inflow of spot capital— then the side effects of this rally will appear soon.
So don’t think a bull market is here— this is just liquidation of capital.