President Donald Trump has promised to codify the Clarity Act, a proposed federal regulation aimed at legalizing the Web3 space, to ensure permanent and enforceable crypto rules.
On May 28, Trump vowed never to let the cryptocurrency industry down as he pushes to make the United States the crypto capital of the world through the Clarity Act, as Finbold explained. Exactly two weeks since the Senate Banking Committee passed the Clarity Act, in a 15-9 markup vote, President Trump reiterated his support for the bill.
Furthermore, he believes his administration is reversing the policies of the previous regime. Notably, the Biden administration advocated for Operation Chokepoint 2.0, a set of measures intended to cut off crypto firms from basic banking services.
“Gary Gensler and the “Anti-Crypto Army” nearly destroyed the American crypto industry by driving Bitcoin, crypto perpetuals, and innovation offshore, but “Trump” saved it. America is now the crypto capital of the world, and builders and entrepreneurs are coming back to the United States, where they belong. Under my leadership, we will codify a future-proof digital asset market structure that cannot be undone by the crypto haters,” Trump posted on Truth Social.
Crypto industry focused on the Clarity Act passing the Senate before reaching Trump’s desk
Before the Digital Asset Market Structure bill reaches President Trump’s desk, it must clear several hurdles, including clearing a 60-vote threshold on the full Senate floor, a bar that demands significant Democratic support. As such, Wyoming Senator Cynthia Lummis has urged bipartisan support for the Clarity Act to keep Trump’s promises a reality.
“If the Clarity Act doesn’t pass this Congress, American software developers will be targeted again for prosecution in the near future just for publishing code. These are the stakes,” Lummis stated.
At press time, prediction market traders have set a 56% chance that the Clarity Act could get signed into law by the end of this year, based on data from Polymarket.
The odds have steadily dropped since the Senate Banking Committee passed the bill two weeks ago, down 9% over the past 24 hours. With Republicans holding 53 seats, at least 7 Democrats are needed to clear the 60-vote threshold. As such, bipartisan support is needed to pass the bill amid the notable friction between the banking lobbyists and the crypto industry.
