Odaily: Senate Democrats involved in negotiations over the CLARITY Act are preparing to file a counterproposal in response to the latest revised text from Republicans. Republicans had previously described the version released on Sunday as their "last, best, and final offer" to Democrats.

Some Democrats remain dissatisfied with the crypto asset ethics provisions in the latest text. Senator Mark Warner said that Democrats who have been involved in the negotiations are putting forward a counterproposal. The proposal will be introduced before a key procedural vote on Tuesday, which will determine whether the CLARITY Act can advance to full Senate consideration. (Cointelegraph)

Odaily News: ETF Store President Nate Geraci posted on X platform that the fundamental reason the CLARITY Act has not yet passed is that cryptocurrency is disrupting the traditional banking business model.

He stated that although there are currently multiple controversies surrounding the bill, including ethics provisions and BRCA, the core issue is that cryptocurrency is reducing the need for banks as financial intermediaries and disrupting the banking business model that relies on net interest income, as well as the political forces that support this model.

Odaily News: Multiple industry insiders believe that even if the CLARITY Act fails to pass, the trend of traditional U.S. financial institutions entering the crypto and digital asset markets is unlikely to stop. A failed bill is more likely to slow down adoption rather than reverse the process.

Brian Vieten, Senior Research Analyst at Siebert Financial, stated that the passage of the CLARITY Act would provide a clearer "green light" for U.S. financial institutions to accelerate blockchain investments, launch tokenized products, and pursue related M&A. However, if the bill fails, some institutions may instead take advantage of the current relatively friendly regulatory environment to accelerate product launches and tokenization businesses originally planned for 2027 to 2028.

Ryan Rasmussen, Research Analyst at Bitwise, stated that the uncertainty surrounding the CLARITY Act is not the main factor currently hindering professional investors from allocating to crypto assets. Institutions that have already included Bitcoin in their portfolios will not withdraw their allocations solely because the bill did not pass. (CoinDesk)

Odaily reports: SEC Chair Paul Atkins stated at a Solana Policy Institute event that Congress should vote to advance the CLARITY Act and send it to the President for signature as soon as possible, but regardless of whether the bill ultimately passes, the SEC will continue to push forward its crypto regulatory agenda.

Atkins said the SEC will focus on three priorities under the "Project Crypto" framework, including Regulation Crypto Assets (Reg CA), reforming transfer agent rules to incorporate blockchain into the digital ownership registration system, and establishing crypto asset custody rules for investment advisers and regulated funds. He described these three initiatives as the "three pillars" for building a regulatory framework for the issuance, transfer, and custody of digital assets in the United States. (CoinDesk)