CLARITY Act未能於7月4日推進，接下來市場該看什麼？

Overview

The fact that the CLARITY Act did not advance before July 4 does not mean that US cryptocurrency regulatory legislation has failed, but it does send a clear signal: the rapid implementation of the regulatory framework the market was hoping for is still difficult to achieve in the short term.

Previously, the White House had set July 4 as an important target date. In a report, CoinDesk mentioned that White House crypto advisor Patrick Witt had expressed hope that Congress could push the Digital Asset Market Clarity Act forward before Independence Day. Now that this time window has passed and the CLARITY Act has not yet been finalized, market attention has shifted from "whether it can make the July 4 deadline" to "whether the Senate will continue to push it forward."

For crypto investors, what truly matters is not that a specific date has passed, but several subsequent questions: whether the Senate will continue to schedule deliberations, whether the regulatory division between the SEC and the CFTC can be clearly defined, whether the rules on stablecoin yields will be further adjusted, and whether clearer versions of compliance requirements for DeFi and trading platforms will emerge.

Users can also follow changes in crypto market policy, fluctuations in popular assets, and related trading opportunities on MEXC.

Key Takeaways

The CLARITY Act's failure to meet the July 4 deadline indicates that the pace of progress for the US crypto market structure bill is slower than previously expected.

This does not mean the bill has failed, but the Senate's time window going forward will be tighter.

The market's primary concerns include the division of responsibilities between the SEC and the CFTC, rules on stablecoin yields, the boundaries of DeFi, compliance obligations for trading platforms, and pathways for token issuance.

If the bill continues to be delayed, the US crypto industry will still face high regulatory uncertainty.

For investors, the CLARITY Act is more like a medium-term policy theme than a single-day catalyst for good or bad news.

What Exactly is the CLARITY Act?

The CLARITY Act, whose full name is the Digital Asset Market Clarity Act, can be understood as a core piece of legislation aimed at redefining the regulatory boundaries for the crypto market in the United States.

One of the biggest problems for the US crypto industry in recent years has been that many rules have not been clearly articulated. Is a token considered a security or a commodity? Should trading platforms be regulated by the SEC or the CFTC? What rules must DeFi protocols, non-custodial wallets, stablecoins, token issuances, and trading platforms follow respectively?

The CLARITY Act aims to solve these long-standing, unresolved issues.

Reuters, in its analysis of the US Senate's landmark crypto bill, mentions that the bill covers stablecoin yield limits, anti-money laundering requirements for digital commodity platforms, exemptions for token financing, DeFi standards, and tokenized securities. That is, this is not a bill affecting just one specific coin, but legislation that could impact the foundational rules of the entire US crypto market.

Why Was the July 4 Date Important?

July 4 was not a legal deadline, but a political target.

US Independence Day itself carries strong symbolic weight. If the CLARITY Act could have achieved significant progress by this date, the market would have interpreted it as a signal that the US is accelerating the establishment of a digital asset regulatory framework. The White House's earlier release of this timeline was essentially intended to signal to the industry that policy progress was underway.

But now, this milestone has passed.

This mainly has two implications for the market. First, short-term policy expectations have been dashed. Capital that was betting on the rapid implementation of the regulatory framework needs to reassess its positions. Second, market attention will shift to the Senate's subsequent agenda, particularly whether any substantive progress is made before the congressional recess in August.

In other words, the CLARITY Act hasn't "ended," but it has transformed from a binary event with a specific date into a policy theme that requires continuous tracking.

What Happens Next?

The Senate Remains the Key Battleground

Whether the CLARITY Act can continue to advance next depends critically on the Senate.

Just because the bill has entered the Senate deliberation stage doesn't guarantee smooth passage. US congressional legislative procedures are inherently complex, and coupled with the 2026 election cycle, the agenda will be more crowded and political divisions more pronounced.

Reuters, in its report on crypto industry political spending, noted that crypto companies have invested heavily in the 2026 election cycle to push for a more favorable policy environment, yet the CLARITY Act remains stalled in the Senate. This suggests that while industry support is significant, political resistance is equally present.

The Bill's Content Could Continue to Change

The CLARITY Act missing the July 4 deadline doesn't mean the text is set in stone. Controversial clauses could still be modified moving forward.

The core issues the market needs to watch are: whether stablecoins can offer yields, how DeFi is defined, what compliance obligations trading platforms have, and how responsibilities are divided between the SEC and CFTC.

Among these, the stablecoin yield issue is particularly sensitive. Reuters previously mentioned in its report on the crypto bill's impasse that the banking industry fears yield-bearing stablecoin products will drain deposits, while crypto companies argue that overly restrictive rules will harm the industry's competitiveness.

This is also one reason why the CLARITY Act is difficult to advance. It's not a simple "pro-crypto" or "anti-crypto" issue, but a rebalancing of interests between traditional finance, crypto companies, regulators, and political forces.

The Window Before the August Recess is More Important

After July 4, the next key time window to watch is before the congressional recess in August.

If the Senate can make progress before the recess, the CLARITY Act still has a chance of being finalized within 2026. If it continues to drag on, the bill could be squeezed out by the midterm elections, partisan disputes, and other priority issues.

For the market, this means the CLARITY Act won't disappear immediately, but its impact will change. Previously, the market was trading the likelihood of "passage by July 4." Going forward, it will trade the extent to which "each step in the Senate exceeds expectations."

Which Provisions Should Investors Watch Most Closely?

How the SEC and CFTC Divide Responsibilities

This is the most core issue of the CLARITY Act.

If more crypto assets are classified as digital commodities, the CFTC's role in the crypto market could strengthen. If more assets are still considered securities, the SEC will retain stronger regulatory power.

This will directly impact exchange listings, token issuances, project compliance, institutional entry, and the scope of services available to US users. For investors, this is not purely a legal question, but one that affects liquidity and market valuations.

Rules on Stablecoin Yields

Stablecoins are no longer just a tool for transferring funds within exchanges; they are becoming part of payment, settlement, and on-chain financial infrastructure.

If the CLARITY Act limits yields on stablecoin balances, it could impact the USDC ecosystem, exchange user incentive programs, and some payment product models. If the rules are relatively lenient, crypto platforms will have more room for growth in payments and user acquisition.

The Regulatory Boundaries of DeFi

DeFi is one of the most sensitive parts of the bill.

If the CLARITY Act carves out clear space for genuinely decentralized protocols, non-custodial wallets, and open-source developers, the DeFi industry could gain a more stable development outlook. Conversely, if the definition of DeFi is too narrow, many protocols could face higher compliance pressure.

Galaxy, in its CLARITY Act analysis, mentions that the bill covers digital asset classification, regulatory division, protection for non-custodial developers, and addressing illicit financial activities. These details will all affect the operational space for DeFi projects in the US market in the future.

Compliance Obligations for Trading Platforms

If the CLARITY Act advances, centralized trading platforms, brokers, market makers, and some on-chain service providers may face clearer requirements regarding registration, disclosure, custody, risk control, and anti-money laundering (AML).

This could be an opportunity for large, compliant platforms, as clearer rules make it easier for institutional capital to enter. However, for smaller platforms, compliance costs may rise, potentially leading to further industry concentration among top-tier platforms.

Pathways for Token Issuance

The CLARITY Act could also affect how crypto projects issue tokens, raise funds, and conduct business with US users.

If the bill provides clearer exemption pathways, project teams will find it easier to determine what they can and cannot do. However, if the conditions are too strict, some projects may still choose to avoid the US market.

What Does This Mean for the Crypto Market?

Short Term: Dashed Expectations, Increased Caution

The most direct short-term impact of the CLARITY Act missing the July 4 deadline is the disappointment of policy expectations.

This may not necessarily lead to a significant market downturn, but it removes a clear positive catalyst. Capital that was betting on the rapid implementation of the regulatory framework may reassess its positions, particularly in stablecoins, compliant exchanges, RWA, DeFi, and US regulatory-sensitive assets.

Medium Term: Policy Progress Will Continue to Cause Fluctuations

The fact that the CLARITY Act didn't advance on schedule doesn't mean the market will ignore it entirely. As long as the Senate is still discussing it, any new progress could reignite policy expectations.

If future developments include scheduling votes, compromises on clauses, expanded bipartisan support, or supporting signals from the SEC and CFTC, capital rotation towards relevant sectors could occur.

Long Term: The Structure of the US Crypto Market Could Still Be Reshaped

If the CLARITY Act eventually becomes law, it could reshape the underlying rules of the US crypto market.

How trading platforms register, how tokens are classified, how stablecoins operate, whether DeFi gains clearer boundaries, and how institutions participate in the crypto market—all these questions could be affected.

However, if the bill continues to stall, the US crypto industry may remain in a state of regulatory ambiguity for an extended period. For the industry, this increases compliance costs; for investors, it adds policy risk.

What Should Investors Look for Next?

Watch for Formal Senate Votes

This is the most direct signal. If the Senate schedules a vote, it means the bill is still actively being pushed. If no vote is scheduled for an extended period, the market may gradually lower its expectations for passage.

Watch for Changes to Stablecoin Clauses

The rules on stablecoin yields are one of the most contentious issues in the bill. How this part is revised will directly impact stablecoin issuers, trading platforms, and payment infrastructure.

Watch for Signals from the SEC and CFTC

Even without the CLARITY Act passing immediately, the SEC and CFTC can still influence the market through public statements, enforcement actions, rule proposals, and regulatory guidance.

Watch for Capital Rotation in Related Sectors

If the market re-bets on CLARITY Act progress, exchanges, stablecoins, RWA, DeFi infrastructure, and compliant assets could be the first to react.

Exclusive Insights from the MEXC Crypto Pulse Research Team

The MEXC Crypto Pulse research team believes that the CLARITY Act's failure to meet the July 4 deadline does not mean the fight for US crypto regulatory legislation is over. More accurately, the market has moved from a short-term binary event into a longer cycle of policy negotiation.

Previously, the market's focus was on "whether it could be completed by July 4." Now, what's more important is whether the Senate still has the motivation to continue pushing, whether key provisions will be compromised, and whether the final version can truly resolve the long-standing issue of unclear rules facing the US crypto industry.

From a trading perspective, the delay in the CLARITY Act reduces short-term certainty but also extends the timeframe over which policy expectations influence the market. As long as the bill isn't completely shelved, stablecoins, RWA, exchanges, DeFi, and US-compliant assets may continue to fluctuate with each new development.

However, investors also need to avoid a common pitfall: a clearer regulatory framework does not mean all crypto assets will benefit. Those most likely to benefit are projects with compliant capabilities, genuine liquidity, transparent disclosure, and a strong long-term business foundation. For highly volatile assets, policy expectations can drive price action, but they cannot substitute for proper risk management.

Frequently Asked Questions

What is the CLARITY Act?

The CLARITY Act is a major US bill concerning the market structure of digital assets. Its goal is to clarify the classification of crypto assets, the regulatory division between the SEC and CFTC, obligations for trading platforms, rules for DeFi, arrangements for stablecoins, and pathways for certain token issuances.

Why Did the CLARITY Act Fail to Meet the July 4 Deadline?

The main reasons include the pace of Senate deliberations, bipartisan negotiations, and ongoing disputes over issues like stablecoin yield rules, the definition of DeFi, and the division of regulatory responsibilities. The bill did not advance within the previously set political target timeframe.

Is the CLARITY Act Missing the July 4 Deadline Bearish for the Crypto Market?

In the short term, it dampens expectations for the rapid implementation of a regulatory framework, increasing uncertainty. However, if the Senate continues to push the bill forward, policy expectations could still become a market focus.

Which Crypto Sectors Could Be Affected by the CLARITY Act?

Sectors that could be affected include centralized exchanges, stablecoins, DeFi, RWA, token issuance, custody services, market makers, and US-compliant assets.

What is the Biggest Obstacle to the CLARITY Act's Passage?

Key obstacles include securing enough votes in the Senate, bipartisan negotiations, disagreements over stablecoin yield rules, the definition of DeFi, anti-money laundering requirements, the division of power between the SEC and CFTC, and the overall congressional schedule.

What Should Investors Do Now?

Investors should monitor the Senate's schedule for votes, changes in the bill's text, signals from the SEC and CFTC, as well as trading volume and capital flows in relevant sectors. Any trading based on policy expectations requires strict risk management.

Disclaimer

This article is for informational sharing and market research purposes only. It does not constitute investment advice, financial advice, legal advice, tax advice, or any form of trading recommendation. Crypto asset prices are highly volatile, and policy and regulatory changes can have a significant impact on the market. Any tokens, projects, platforms, data, opinions, or third-party information mentioned herein should not be considered as advice to buy, sell, or hold. Users should conduct their own research and assess their own risk tolerance before engaging in any crypto asset trading. The MEXC Crypto Pulse team assumes no responsibility for any direct or indirect losses resulting from the use of the information in this article.