If Congress fails to pass the CLAIRITY Act, Custodia Bank CEO Caitlin Long says controversy tied to President Donald Trump’s family will share part of the blame.
Speaking at ETH Denver on Wednesday, Long said Trump-associated meme coins and other crypto ventures, including World Liberty Financial, have made it more difficult to secure bipartisan backing for the bill, which would define how digital assets are regulated in the U.S. and clarify the roles of federal agencies.
“It created controversy,” Long told Decrypt. “Lummis herself has said it made her job harder,” she said, referring to efforts by Wyoming Senator Cynthia Lummis.
Because of this, Long said, the bill’s prospects remain uncertain.
“I think it's a coin flip at this point,” she said. “I wouldn't be surprised either way, if it gets enacted or it dies.”
Introduced in May 2025, the CLARITY Act would codify key crypto market structures and create a comprehensive regulatory framework for digital assets, splitting oversight between the SEC and the CFTC.
It passed the House in July 2025, but as of February 2026, the CLARITY ACT has been delayed in the Senate due to disputes over DeFi and stablecoin provisions.
Long said regulators could seek similar outcomes through rulemaking, but such actions would lack permanence in the face of the American political system.
“When a new administration comes in, those rules can be reversed through new rule-making,” she said. “Whereas if Congress puts it in statute, it doesn't mean it can't be changed. It's just a lot harder to change. So it’s much better if Congress enacts the law, and that means it's durable.”
Long said what lawmakers are calling an ethics issue tied to the Trump family’s involvement in crypto has become “the big showstopper in the CLARITY Act.”
“There is a possibility they reach an agreement on something the White House can live with, and Congress is comfortable with, but they've got to be able to get the cloture vote,” she said, referring to the 60 votes required in the Senate. “They've got to get seven Democrats over the line, and the Democrats are very outspoken, in particular, Elizabeth Warren, against the Trump family's activities in this area.”
Long said there is bipartisan support for crypto legislation, pointing to Senators Lummis and Kirsten Gillibrand working together on crypto policy.
Despite the worry that the bill may not pass, and amid the crypto's extended downturn, Long said market volatility has not dampened hope.
“Those of us who've been around for a long time, a 50% drawdown is nothing,” she said, adding that for people entering the space during a downturn, Long said bear markets present an opportunity to learn.
“Bear markets are the best time to get self-educated,” she said. “Best advice I've always given is just invest in yourself, because this is something that you're not going to learn in school.”
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