The CLARITY Act is entering a truly critical week. The White House has stepped in to communicate with senators, and Trump has met with several Republican lawmakers and industry representatives to push the bill forward, aiming to complete key Senate procedures before Congress's summer recess in early August. If the bill can move to a full Senate vote this week, the chances of completing legislation this year will significantly increase; if the window is missed again, the difficulty of advancing it later will rise sharply. Many people think the current bottleneck is regulatory content, but the bigger obstacle actually comes from politics. The main framework of the bill is basically formed, and the current negotiations are focused on ethical provisions. Recently, Democratic Senator Warren demanded that Trump disclose his crypto asset gains and holdings this year, arguing that Congress cannot fairly discuss crypto legislation until the issue of presidential conflicts of interest is clarified. Republicans, on the other hand, believe the debate has shifted from policy itself to partisan rivalry. Since the Senate process still requires support from about seven Democratic senators, the real determinant of the bill's fate is not technical details but whether both sides can reach a compromise on ethical provisions in the coming days. What truly impacts the market about the CLARITY Act is not "whether it will pass," but "when it will pass." For institutional funds, clear rules are more important than loose rules. Once the Senate hurdle is cleared, U.S. digital asset regulation will officially transition from "enforcement-based regulation" to "legislation-based regulation," providing a clearer development framework for sectors like stablecoins, RWA, and tokenized securities.