Author: Blockchain Knight

The progress of the Clear Act in the United States has significantly accelerated, with legislators, regulators, and the cryptocurrency industry rarely reaching a consensus to fully promote the bill into the Senate Banking Committee for review.

However, the dispute over stablecoin yields remains a core obstacle, and with the midterm elections approaching, the legislative window has entered a critical countdown.

The urgency of advancing the bill is intensifying, with Senator Cynthia Lummis clearly stating that this is the "last chance" to pass the bill before 2030, warning that failing to do so will impact the future of U.S. finance.

Former White House cryptocurrency chief David Sacks also urged the Senate to pass the bill, believing it can sustain the achievements of the Genius Act and establish the United States as a leader in the digital asset field.

As the midterm elections approach, congressional priorities may shift, potentially delaying the cryptocurrency legislative process, further highlighting the urgency of advancing the bill.

Currently, multiple forces have formed a coalition to push the initiative. On the regulatory side, Treasury Secretary Scott Bessent wrote in the Wall Street Journal calling for expedited legislation, pointing out that the lack of clear regulation would cause the U.S. to fall behind jurisdictions like Abu Dhabi and Singapore, emphasizing that lasting laws are key to attracting blockchain developers and entrepreneurs back.

SEC Chairman Paul Atkins also expressed support, stating that the bill could prevent "rogue regulators" and should be submitted for presidential signature as soon as possible.

From the industry perspective, a16z Crypto managing partner Chris Dixon and Immutable founder Robbie Ferguson both stated that clear regulation could benefit consumers and entrepreneurs, and may even drive the industry beyond the growth seen in the gaming sector over the past decade.

Coinbase's change in stance has become an important driving force. Its CEO Brian Armstrong had previously twice refused to support the bill, believing that the draft version was worse than the current regulatory situation, but now he has responded to Bessent's call and publicly expressed support for advancing the bill.

Its Chief Legal Officer Paul Grewal pointed out that whether the bill can be smoothly reviewed hinges on whether parties can reach a consensus on the stablecoin yield dispute, which remains the core blockage to the bill's advancement.

It is reported that the Clear Act aims to clarify the regulatory rules for crypto assets and delineate the jurisdictions of the SEC and CFTC, complementing the Genius Act previously signed by Trump. While the implementation of the latter proved the feasibility of cryptocurrency legislation, comprehensive advancement can only be achieved with the support of the Clear Act.

The bill has become a touchstone for testing Washington's determination in cryptocurrency regulation. Although a coalition has formed to promote it, unresolved stablecoin disputes and tightening election windows still bring uncertainties, and whether it can ultimately pass will directly determine the competitiveness of the United States in the global digital financial landscape.

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