On the early morning of August 7, Beijing time, news from the U.S. Senate indicated that the highly anticipated Digital Asset Market CLARITY Act failed to enter the formal voting agenda recently. On August 5, the bill missed a key advancement point for the first time and was postponed twice in a short span, raising concerns about the completion of legislation this year.

The core goal of the CLARITY Act is to establish a regulatory framework for the U.S. digital asset market:

• Clarify the regulatory boundaries between the SEC and CFTC;
• Provide compliance pathways for cryptocurrency companies;
• Reduce the long-standing regulatory uncertainty.

Previously, the industry widely believed that if this bill could advance, it would be a significant step toward establishing a regulatory system for cryptocurrency in the United States.

As the Senate is about to enter its routine recess in August, the motion to end the debate has yet to be submitted, and the Democratic camp is fully pushing for an overall delay of the bill.

Political Disparities Intensify: Regulatory Consensus Still Unformed

Currently, there are significant divergences within the Senate regarding the CLARITY Act. According to Bloomberg and Capitol Hill reporter Brendan Pedersen, the core issue causing the negotiations to come to a complete standstill is an "ethics clause" related to the Trump family's cryptocurrency business interests:

• Democratic Position: Insist on introducing strict ethical constraints to prevent politicians' families from using policy-making for personal gain.
• Republican Dilemma: This clause could directly force Trump to delay paying millions of dollars in related taxes, leading to severe divisions and hesitation within the Republican Party.

Proponents:

Including Senate Majority Leader John Thune, Senator Cynthia Lummis, etc., who hope to push the bill into the voting stage as soon as possible.

They believe:

• Clear regulatory rules are beneficial for attracting institutional capital;
• Avoid the outflow of the U.S. cryptocurrency industry and talent overseas;
• Enhance the competitiveness of U.S. digital assets.

Opponents or Cautious Members:

Some Democratic lawmakers worry:

• The bill lacks sufficient regulatory strength;
• It may reduce the ability to control financial risks;
• Some stakeholder-related clauses need further review.

Coinbase CEO Brian Armstrong also publicly urged both sides to compromise, stating:

No one can get everything they want, but everyone can get most of what they need.

Maximal Contradiction: Policy Stagnation, Yet Continuous Capital Influx

The regulatory uncertainty caused by the bill's standstill reflects an extremely contradictory "duality" in the capital markets:

• Pain of Native Cryptocurrency Companies:

Under the shadow of policy, the U.S. publicly listed company Cipher Digital (NASDAQ: CIFR) revealed in its Q2 report that it had to sell Bitcoin, resulting in $23.51 million in realized losses, with the value of its holdings shrinking to $37.80 million.

• Traditional Institutions' "Counter-Trend Rush":

Data shows that this week, the Bitcoin spot ETF continued to receive capital inflows, with a net purchase scale reaching $764 million, of which BlackRock alone accounted for $606 million.

The market is transitioning from the "policy-driven phase" to the "capital and policy race phase."

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Final Judgment: Legislative Window Narrowing, Q4 May Face Market Patience Test

The 2026 Cryptocurrency Legislative Window is Rapidly Closing

If the CLARITY Act fails to advance before the August Congressional recess, it will face a more complex political environment after the September reconvening.

As the U.S. mid-term electoral cycle approaches, Congress members’ focus may gradually shift to electoral issues, further reducing the political space for major regulatory reforms.

This means that if the CLARITY Act continues to be delayed, the difficulty of its implementation within 2026 may significantly increase.

Institutions Are Not Concerned About "When It Will Pass," but Whether the "Direction is Clear"

For Wall Street institutions, the key factor influencing capital allocation is not whether the bill can be passed immediately, but whether the United States can establish a clear and stable regulatory framework.

As long as the regulatory direction is clear, even if a phased advancement and gradual improvement approach is taken, the logic for institutions to make long-term investments in cryptocurrency assets may still continue.

In other words: What the market needs is not just a piece of legislation, but a clear compliance pathway.

Q4 May Become a Patience Testing Period for the Market

Risk Disclaimer: The views mentioned in this article are for technical analysis learning and reference only and do not constitute any investment advice. Cryptocurrency assets involve high risk; therefore, all trading decisions made based on this article are at your own risk.

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