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The Clarity Act has now reached a critical showdown moment. The House of Representatives passed it last July with a vote of 294 to 134, and the Senate Banking Committee also passed its version on May 14 with a vote of 15 to 9, but it has yet to be scheduled for a full Senate vote. August 10 is a hard deadline; after that day, senators will return to their districts, leaving virtually no time window to advance it this year. If it drags into next year, it will coincide with the midterm election year, making passage significantly more difficult. The White House crypto policy advisor said this week there is still hope in the first week, but Senate Majority Leader Schumer has publicly stated he does not believe it will be scheduled for a vote before the recess. The conflicting statements themselves reveal a split. What’s even more noteworthy is that Wall Street is not unified on this either. BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have recently come out publicly in support of the bill, but the version supported by JPMorgan is opposed to the demands of Coinbase and the entire crypto industry, indicating that even traditional finance has not reached consensus on what this bill should look like. This is not a problem that the crypto industry alone can push through. Regarding the relationship with Bitcoin, I think it’s more direct than most people realize. The total market cap of the entire crypto market is about $2.28 trillion, with $BTC alone accounting for $1.29 trillion, roughly 56%. The Clarity Act aims to define whether the remaining nearly $700 billion in assets fall under SEC securities regulation or CFTC commodity regulation. The bill being stuck in the Senate these weeks coincides exactly with $BTC being stuck in the $62,000 to $63,500 range. I don’t think this is a coincidence. Institutional funds have been waiting for this bill to provide clear rules before significantly increasing exposure. Without clear rules, the range-bound volatility is very likely to continue. $BTC #30年期美债，顶部还是新起点？ #CLARITY法案错过休会窗口 #CLARITY法案错过休会窗口