"The bill, which would represent the most comprehensive financial reform in decades, faces uncertain odds in the broader Senate, as well as a difficult reconciliation process with the House of Representatives if it continues to move forward. Even so, its success in the Senate Agriculture Committee reflects the newfound sway the blockchain industry holds in Washington, D.C., where it is sitting on a campaign donation war chest of nearly $200 million to spend in the 2026 midterm elections."
"President Trump, a key ally of the crypto industry, urged Congress to pass two bills after taking office last January. The first, a bill that created guardrails for dollar-backed cryptocurrencies, passed in July. The more ambitious Clarity Act, which would establish broader market structure rules for cryptocurrency issuance and trading, also passed in the House in July, though it is still awaiting full Senate support."
The Senate Agriculture Committee advanced the Clarity Act, a comprehensive bill to regulate cryptocurrency, but the vote passed solely with Republican support. Democrats criticized the lack of bipartisan backing and called for a conflict-of-interest provision to bar politicians from profiting from crypto holdings. The watchdog group Public Citizen labeled the measure the "gryfto" bill, citing President Trump's personal gains in the industry. The Clarity Act passed the House in July and would create market structure rules for issuance and trading, but it still requires approval from the Senate Banking Committee and faces uncertain prospects and a challenging reconciliation with the House. The crypto industry has nearly $200 million earmarked for 2026 campaigns.
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