Trump pushes for encryption bill, but legislative prospects are overshadowed by his own business interests BlockBeats News: On May 28th, US President Trump posted on Truth Social stating that he will lead efforts to establish a "future oriented" digital asset market structure, and accused former SEC Chairman Gary Gensler and the "anti crypto army" of driving Bitcoin, crypto perpetual contracts, and innovation overseas. He stated, "Under my leadership, we will codify a 'future oriented' digital asset market structure into law, which cannot be overturned by crypto haters. A new frontier in finance is being established in the United States, and 'Trump' will never disappoint the crypto industry!" This speech comes as the Clarity Act, which aims to establish a comprehensive regulatory framework for digital assets, was passed by the Senate Banking Committee in early May, after months of delay due to debates on issues such as stablecoin returns. But analysts point out that the bill still faces complex obstacles before it is finally enacted. Benchmark analyst Mark Palmer said that the bill needs to be merged with the relevant market structure bill of the House Agriculture Committee and needs to obtain 60 votes to avoid obstructing the proceedings, which means it must win the support of a large number of Democrats. However, due to ongoing conflicts of interest surrounding Trump's encryption project, TD Cowen analysts believe that this puts greater political pressure on Democrats to support an encryption bill that includes conflict of interest standards for the president, making the likelihood of the bill passing this year low. Democratic Senator Ruben Gallego has explicitly warned that if the relevant issues are not resolved, he will vote against the bill in the full house. [Original link]