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U.S. Senate Republicans on Wednesday released a 616-page draft of the new Clarity Act, a significant legislative development in Congress's efforts to comprehensively regulate the digital asset industry. The crypto industry widely welcomed the draft, noting it retains protections for software developers and is expected to provide long-missing regulatory clarity for the U.S. digital asset market.Crypto Council for Innovation CEO Ji Hun Kim stated that bipartisan support is "critical" for the bill's passage. Solana Policy Institute CEO Miller Whitehouse-Levine called on Congress to seize the opportunity, while Coinbase CEO Brian Armstrong remarked that the lack of a federal regulatory framework had previously allowed bad actors like FTX to harm consumers and forced a substantial amount of crypto business to move overseas.However, several Senate Democrats quickly voiced opposition, arguing that the ethics provisions in the new text addressing conflicts of interest related to Trump's crypto assets are too weak. Senator Angela Alsobrooks stated that the current proposal put forward by Republicans is still "not enough," and that provisions concerning elected officials' ethics, consumer protection, illicit finance, conflicts of interest, and market integrity all require strengthening.
Odaily President Trump will meet on Thursday with Republican Senators Bernie Moreno and Cynthia Lummis, along with White House crypto policy advisor Patrick Witt and White House Chief of Staff Susie Wiles, to focus on the ethics provisions in the CLARITY Act. These provisions are considered one of the main obstacles to advancing the crypto market structure bill.Kristin Smith, President of the Solana Policy Institute, stated, "The purpose of the meeting is to present some proposals on the ethics issue to Trump and hope to gain his support. I believe this is a very positive signal." She described the meeting as crucial for pushing the CLARITY Act through.Earlier, it was disclosed that Trump family-backed World Liberty Financial had received hundreds of millions of dollars in crypto-related revenue, raising concerns among Democrats about potential conflicts of interest. (The Block)
According to Crypto in America, the National District Attorneys Association, the National Association of Assistant U.S. Attorneys, the International Association of Chiefs of Police, and the National Sheriffs’ Association jointly sent a letter to Acting Attorney General Todd Blanche and Patrick Witt, Executive Director of the White House Crypto Council, expressing strong opposition to Section 604 of the “Clarity Act”—the Blockchain Regulatory Certainty Act (BRCA). Law enforcement groups argue that this provision could create regulatory loopholes exploitable by criminals for illicit activities including drug trafficking, fraud, child exploitation, sanctions evasion, and terrorist financing. Meanwhile, cryptocurrency-backed candidates achieved sweeping victories in primary elections across Maryland, New York, and Utah. Fairshake—a pro-crypto super PAC—has collectively spent over $7.6 million supporting these candidates, including $5.5 million backing Adrian Boafo, the candidate for Maryland’s 5th congressional district. Miller Whitehouse-Levine, founder of the Solana Policy Institute, warned that August 7, 2026, may be the final window for Congress to pass cryptocurrency market structure legislation. He stated that the industry is willing to make limited revisions to the BRCA provisions to address law enforcement concerns—but firmly opposes any fundamental changes that would weaken the core protections enshrined in the provision. Additionally, the House Financial Services Committee held a hearing on “The Future of Payments” the same day.
According to CoinDesk, Jesse Spiro, Head of Government Affairs at Tether, stated at the Consensus Miami 2026 summit that the 2026 U.S. midterm elections will be a critical test of whether Washington’s recent crypto-friendly policies can endure. He noted that although legislative progress has been made—such as with the GENIUS Act—the election outcome could still have a disruptive impact on the industry’s trajectory, emphasizing that “crypto should not be partisan.” Colin McLaren, Head of Government Relations at the Solana Policy Institute, said the industry’s political efforts have now shifted toward “durability,” ensuring Congress continues advancing priority issues like tax reform and developer protections in the future. Mason Lynaugh, Executive Director of Stand With Crypto, stated that the organization’s nearly 3 million members view the election as a “moment of accountability,” and that highly mobilized crypto voters could sway election outcomes in key districts.