One year ago today, the House passed CLARITY

cryptonews07-17 18:30

In one week of July 2025, the House passed three crypto bills. One is law. One is law by accident and the President will not sign it. The third has not had a Senate vote in 365 days, and it was ...

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The third has not had a Senate vote in 365 days, and it was ...</p>\n\n<a href=\"https://crypto.news/one-year-ago-today-the-house-passed-clarity/\">Source Link</a>\n\n</div>\n","source":"crypto_news_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>One year ago today, the House passed CLARITY</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne year ago today, the House passed CLARITY\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-17 18:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://crypto.news/one-year-ago-today-the-house-passed-clarity/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In one week of July 2025, the House passed three crypto bills. One is law. One is law by accident and the President will not sign it. The third has not had a Senate vote in 365 days, and it was ...</p>\n\n<a href=\"https://crypto.news/one-year-ago-today-the-house-passed-clarity/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GDLC","symbol_name":"Grayscale CoinDesk Crypto 5 ETF","start_time":0,"source_url":"https://crypto.news/one-year-ago-today-the-house-passed-clarity/","article_id":"2652640242","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/one-year-ago-today-the-house-passed-clarity/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2652640242","pubTimestamp":1784284200,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"In one week of July 2025, the House passed three crypto bills. One is law. One is law by accident and the President will not sign it. The third has not had a Senate vote in 365 days, and it was supposed to be the important one.GENIUS became law on July 18, 2025 and hits its first major rulemaking deadline tomorrow. The Anti-CBDC Surveillance State Act cleared the House 219-217, stalled, then reached law by riding inside a housing bill the President is refusing to sign.CLARITY is stuck on ethics. The merged Senate draft released July 14 omits the provision Democrats named as their price, and three senators declared opposition the same day.GENIUS passed because almost nobody with power had a reason to s","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"GDLC":"Grayscale CoinDesk Crypto 5 ETF","NCIQ":"HASHDEX NASDAQ CRYPTO INDEX US ETF","BKCH":"AdvisorShares Sabretooth ETF","BITQ":"Bitwise Crypto Industry Innovators ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","DAPP":"VanEck Digital Transformation ETF","BITW":"Bitwise 10 Crypto Index ETF","DIME":"CoinShares Altcoins ETF","TEKX":"SPDR Galaxy Transformative Tech Accelerators ETF","CRPT":"First Trust SkyBridge Crypto Industry and Digital Economy ETF","STCE":"Schwab Crypto Thematic ETF"},"translate_title":"一年前的今天，众议院通过了CLARITY","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"STCE":0.9,"BITW":0.9,"NCIQ":0.9,"BITQ":0.9,"TEKX":0.9,"BKCH":0.9,"LFGY":0.9,"DAPP":0.9,"GDLC":0.9,"DIME":0.9,"CRPT":0.9},"content_text":"In one week of July 2025, the House passed three crypto bills. One is law. One is law by accident and the President will not sign it. The third has not had a Senate vote in 365 days, and it was supposed to be the important one.\n\n\nSummary\n\n\n\nOn July 17, 2025, the House passed the CLARITY Act 294-134 with more than 70 Democrats crossing over, the strongest congressional endorsement of digital asset legislation in American history. It has not received a Senate floor vote in the year since.\nIt was the middle bill of Crypto Week, when the House passed three digital asset measures in rapid succession. Tracking all three one year later produces a scorecard nobody in the industry wants to read aloud.\nGENIUS became law on July 18, 2025 and hits its first major rulemaking deadline tomorrow. The Anti-CBDC Surveillance State Act cleared the House 219-217, stalled, then reached law by riding inside a housing bill the President is refusing to sign.\nCLARITY is stuck on ethics. The merged Senate draft released July 14 omits the provision Democrats named as their price, and three senators declared opposition the same day.\nThe pattern across all three is the same: what passed was what could be attached to something else or what nobody had a personal stake in blocking. CLARITY is neither.\n\n\n\nWashington called it Crypto Week. In a handful of days in July 2025, the House of Representatives passed three digital asset bills in succession, and the industry treated the sequence as the moment its lobbying decade finally paid. The CLARITY Act cleared 294-134 on July 17. The GENIUS Act cleared 308-122 the same day and was signed into law on July 18. The Anti-CBDC Surveillance State Act squeaked through 219-217. Three bills, one week, one chamber, and a widespread assumption that the Senate was a formality. Today is the one-year anniversary of the first of those votes. Exactly one of the three arrived where it was supposed to. Tracking what happened to the other two explains more about how crypto legislation actually works than any amount of vote-counting on the bill still pending.\n\nJUST IN: Trump meets senators today to resolve CLARITY Act ethics deadlockThe session aims to clear the final barrier before the Senate August recess https://t.co/NFsjGXXeK9 pic.twitter.com/Fnaa3Mvbvs— crypto.news (@cryptodotnews) July 17, 2026\n\nThe bill that made it\nGENIUS is the success case, and it is worth being precise about why, because the reason is not that it was the best bill.\nIt passed the Senate 68-30 in June 2025, cleared the House 308-122 on July 17, and was signed into law on July 18, creating the first federal framework for payment stablecoins. It reaches its first major rulemaking deadline on July 18, 2026, one year to the day. White House digital assets adviser Patrick Witt has repeatedly pointed to that anniversary as proof that coordinated action produces results, which is true and also somewhat beside the point.\nGENIUS passed because almost nobody with power had a reason to stop it. Banks wanted rules for stablecoins because stablecoins were happening regardless and they preferred a framework they could live inside. The industry wanted legitimacy. Regulators wanted reserve requirements. The politics of requiring an issuer to hold full reserves in liquid assets and disclose them monthly are not politics at all; they are housekeeping. There was no ethics dimension, no jurisdictional turf war between agencies, and no obvious way for anyone in office to profit from the outcome in a manner that made colleagues uncomfortable.\nThat is the template for what Congress can pass on crypto. Narrow scope, clear beneficiary, no personal stakes. Note how little of that describes CLARITY.\n\nNEW: Three Senators target CLARITY Act for lacking ethics protectionsThe lawmakers claim the legislation does not address President Trump’s connections to crypto https://t.co/NFsjGXXeK9 pic.twitter.com/rwywycoZag— crypto.news (@cryptodotnews) July 16, 2026\n\nThe bill that made it by accident\nThe Anti-CBDC Surveillance State Act is the strangest entry on the scorecard, and its path is worth tracing because it shows what happens when a crypto bill cannot pass on its own.\nIt cleared the House by two votes, 219-217, which is not a mandate. Then it stalled. A promise to attach it to the defense authorization bill went unkept, which in Washington is a soft burial. It should have died there.\nInstead it reached law by an unlikely route: a provision barring the Federal Reserve from issuing a central bank digital currency through 2030 rode inside the 21st Century ROAD to Housing Act, a bipartisan housing package that passed the Senate 85-5 and the House 358-32. The crypto industry got its anti-CBDC win as a passenger on a bill about construction permitting.\nAnd then the President refused to sign it. Not over the CBDC provision, which he supports, having argued that a central bank digital currency would threaten financial stability, individual privacy, and American sovereignty. He is withholding signature over the SAVE America Act, an unrelated elections bill demanding proof of citizenship and photo identification for federal voting. The housing measure becomes law without his signature once the ten-day window closes, so the maneuver functions as leverage instead of a veto. The CBDC ban arrives regardless, delivered by a President who declined to sign the vehicle carrying it.\nThe lesson is not subtle. A crypto priority that could not pass on its own merits became law by attaching itself to something that could, and then survived the President’s own obstruction because the mechanism did not require his cooperation. That is three separate accidents in a row producing the right outcome, and it is not a strategy anyone can repeat on purpose.\n\nJUST IN: Ripple CLO Stuart Alderoty says vote against CLARITY Act leaves unregulated conditions for bad actorsHe warned against repeating past mistakes in the crypto space https://t.co/NFsjGXWGUB pic.twitter.com/6S0kGWPepl— crypto.news (@cryptodotnews) July 16, 2026\n\nThe bill that did not\nWhich brings us to CLARITY, and to the number that should embarrass everyone involved: 365 days on the Senate side with no floor vote.\nThe bill did not stall for lack of support in the abstract. It passed the House with more than 70 Democrats, which is the strongest bipartisan showing any crypto legislation has ever produced. It cleared the Senate Banking Committee 15-9 on May 14, 2026. On June 1 it was placed on the Senate Legislative Calendar under General Orders as Calendar No. 423, making it eligible for a floor vote at any moment leadership chooses to schedule one. Nobody has scheduled one.\nThe arithmetic explains part of it. Cloture requires 60 votes. Republicans hold roughly 53 seats, so the bill needs at least seven Democrats. Only two crossed over in committee, Ruben Gallego and Angela Alsobrooks, and both subsequently warned that their committee votes do not guarantee floor support absent further progress. The Republican margin has since narrowed further: Senator Lindsey Graham died on July 11 and Mitch McConnell has been absent, which leaves the conference almost no room for error.\nBut the arithmetic is downstream of the actual obstacle, which is ethics. Democrats have conditioned their votes on provisions restricting government officials from profiting from the industry they regulate. The reason such a provision exists is that the President’s most recent financial disclosure showed roughly $1.4 billion in crypto-related income, including about $636 million from the memecoin bearing his name and more than $500 million tied to World Liberty Financial. The merged Senate draft combining the Banking and Agriculture texts was released on July 14 and omits any ethics provision. That same day, Senators Chris Murphy, Chris Van Hollen, and Jeff Merkley held a press conference formally opposing the bill.\nThe rest of the picture is a machine running out of track. Majority Leader John Thune has pledged a floor vote before the August recess, with the week of July 20 under active discussion. The House leaves July 23; the Senate leaves around August 7. A high-level White House meeting was convened on July 15 to hash out the ethics section, with the President himself in attendance. The White House crypto adviser begins military leave on July 27, inside the closing window. A House field hearing convenes at Federal Hall today. Prediction markets have priced 2026 passage in the mid-20s to upper-30s percent range, down from above 70% earlier in the year, and Galaxy’s research head cut his estimate to roughly 50% from 75% in late May. CFTC Chairman Michael Selig has publicly complained that ethics additions are derailing the bipartisan opportunity, calling it mission creep.\nThe bull case for the anniversary meaning nothing\nThe optimistic reading is that a year is not long by legislative standards and the anniversary is a media artifact rather than a signal.\nMajor financial legislation routinely takes multiple Congresses. Dodd-Frank was a crisis response and still consumed most of a year with a supermajority. The fact that CLARITY sits on the calendar eligible for a vote, with committee work finished in both relevant committees, is genuinely further than any market structure bill has ever reached. House Agriculture’s digital assets subcommittee chair has said the House will move fast on whatever the Senate produces, which removes one procedural obstacle entirely: if the Senate delivers a passable text, the House has committed to compressing its own timeline to nothing.\nThe negotiation is also live rather than dead. A White House meeting with the President attending is not what a corpse looks like. Senators from both parties, including Gillibrand, Lummis, Boozman, and Scott, are described by House Financial Services Chair French Hill as working to get to yes. Kristin Smith of the Solana Policy Institute points to returning lawmakers and fresh bill text as evidence momentum is building. Three working weeks is short but it is not zero, and Congress passes things in the final hours as a matter of institutional habit.\nAnd crucially, the absence of CLARITY has not left a vacuum. The SEC and CFTC joint interpretation of March 17, 2026 classified 16 named digital assets, including Bitcoin, Ether, and XRP, as digital commodities under a five-category taxonomy. That framework is binding on both agencies and is already being cited in fund registration statements. The industry has a working rulebook. The bill would improve it; the bill’s absence has not stopped the market from operating.\nThe bear case for the anniversary meaning everything\nThe pessimistic reading is that a year of failure on a bill with 70 Democratic House votes tells you the obstacle is structural, and structural obstacles do not resolve because a calendar page turns.\nThe compliance cost is the part the vote-counting misses. Businesses cannot build durable compliance programs against jurisdictional lines that remain uncertain, which means the gridlock is not a political story but an operating one, and it has now run for a full year. Firms have responded exactly as they have since 2018, by domiciling offshore, which means the activity continues and American oversight does not.\nThe taxonomy that makes the bull case is also the bear case. It is administrative action. Any future administration can direct its agencies to reinterpret without a congressional vote. So the industry’s working rulebook is a reversible one, and the entire argument for CLARITY is that a reversible rulebook is not a rulebook. If the bill dies, what protects Bitcoin, Ether, and XRP from a future enforcement posture is one interpretive release from an agency whose position changed once already because its leadership changed.\nThen there is the political clock, which does not reset. If CLARITY misses the August recess, it lands in a fall calendar that runs directly into November midterms, when legislative activity slows and the bill’s outlook becomes hostage to a chamber composition nobody can predict. The lame-duck session is the theoretical fallback and it is where well-positioned bills go to be forgotten.\nAnd the ethics impasse has no natural resolution. Democrats argue it is incoherent to build a federal framework for digital assets while the sitting President earns his largest income stream from those assets with no enforceable restriction. The White House position, per Witt, is that it will accept ethics language applying across the board, from the president to the intern, but nothing targeting the President’s holdings specifically. Both positions are internally consistent. Together they are irreconcilable without a concession, and the July 14 draft showed which way the drafting is currently leaning.\nThe thing a year of delay actually cost\nVote math is the wrong lens for the anniversary, because it measures whether the bill will pass instead of what its absence has already done. A year is long enough for the delay itself to become the story.\n\nJUST IN: Coinbase Chief Policy Officer says CLARITY Act will bed down existing policies into lawThe executive expressed strong confidence that the legislation will pass https://t.co/NFsjGXWGUB pic.twitter.com/jFek1OFHYK— crypto.news (@cryptodotnews) July 16, 2026\n\nStart with the offshore drift, which is not theoretical. Firms domicile where the rules are legible. For a year, American builders have faced a jurisdictional question with no statutory answer, and the rational response has been to incorporate elsewhere, serve American users through structures designed by lawyers, or simply exclude Americans outright. Robinhood’s Stock Tokens are the clean illustration: tokenized equity products available across more than 120 countries and barred to US persons, built by an American brokerage. That is not a company fleeing regulation. It is a company reading the rules that exist and concluding that the safest jurisdiction for its newest product is anywhere else.\nThen the compliance cost, which Forbes framed correctly this week: the gridlock has stopped being a political problem and become an operating one. A firm cannot build a durable compliance program against lines that may move. It cannot hire against them, budget against them, or sign multi-year vendor contracts against them. Every quarter of delay is a quarter in which the responsible actors, the ones who would comply if told how, spend money on legal opinions instead of product, while the irresponsible ones proceed exactly as before. Regulatory uncertainty is a tax that falls hardest on the firms most inclined to follow rules.\nThen the institutional opportunity cost, which is the largest and least visible. The March taxonomy unlocked a great deal: fund issuers now cite it in registration statements, and accredited investors can structure compliant holdings without waiting for GENIUS implementation in November. But an interpretive release is not what a pension committee wants underneath a multi-decade allocation. Institutions do not ask whether an asset is currently permitted. They ask whether it will still be permitted after the next election, and the honest answer today is that nobody can promise it. That question has a statutory answer or it has no answer, and for a year it has had no answer.\nThe rebuttal deserves stating: none of that stopped the market. Spot volumes on centralized exchanges rose for the first time in five months in June, climbing 15.3% to $1.11 trillion, and real-world-asset perpetual volumes hit a record $311 billion. Tokenized Treasury products passed $15 billion. The industry is not waiting politely for permission, and the argument that legislation is existential looks weaker every quarter the sector functions without it.\nBoth readings are true, which is the uncomfortable part. The market does not need CLARITY to operate. The market needs CLARITY to stop rebuilding its legal assumptions every time an administration changes. Those are different needs, and only one of them shows up in a volume chart.\nWhat the scorecard actually shows\nLine the three bills up and a pattern emerges that is more useful than any individual vote count.\nGENIUS passed because it was narrow and nobody with leverage had a personal reason to block it. The anti-CBDC provision passed because it stopped trying to pass and hitched a ride on something that could, then survived presidential obstruction because it did not need his signature. CLARITY has not passed because it is broad, it touches agency turf, and the one person whose endorsement it carries most loudly is also the reason its opponents will not vote for it.\nThe uncomfortable implication is that the American legislative system handled crypto’s easy questions and has not handled its hard one. Stablecoin reserves are an easy question. Whether the Fed can issue a digital dollar is a question with a clear partisan valence and an available vehicle. Who regulates the entire digital asset market, and whether the officials writing that answer may personally profit from it, is a hard question, and hard questions require someone to give something up.\nA year ago today, the House answered the hard question 294-134 and the industry declared victory. The Senate has spent the twelve months since proving that the House vote was the easy part. Whether the next three weeks change that will come down to a room in the White House and whether anyone in it is willing to trade. If they are not, the anniversary that matters will not be this one. It will be the second one.\nDisclaimer: This article is for information and educational purposes only and does not constitute financial, investment, or legal advice. It describes pending legislation and the political debate around it, and legislative outcomes are inherently uncertain. Nothing here is a recommendation to buy or sell any asset. Always do your own research. Information is accurate as of July 17, 2026, and this situation is developing quickly.\nFrequently Asked Questions\n\n\n\nWhat happened one year ago today?\n\nOn July 17, 2025, the House of Representatives passed the Digital Asset Market Clarity Act by a vote of 294-134, with more than 70 Democrats joining Republicans. It was the strongest congressional endorsement of digital asset legislation in American history and part of what Washington called Crypto Week, during which the House passed three crypto bills in rapid succession.\n\n\n\nWhat was Crypto Week?\n\nA stretch of July 2025 in which the House passed the CLARITY Act 294-134, the GENIUS Act 308-122, and the Anti-CBDC Surveillance State Act 219-217. GENIUS was signed into law on July 18, 2025. The anti-CBDC measure stalled before reaching law inside a housing bill. CLARITY passed to the Senate and has not received a floor vote since.\n\n\n\nDid the GENIUS Act become law?\n\nYes. It passed the Senate 68-30 in June 2025 and the House 308-122 on July 17, 2025, and was signed on July 18, 2025, creating the first federal framework for payment stablecoins. It requires US payment stablecoin issuers to hold full reserves in liquid assets and disclose composition monthly, and it reaches its first major rulemaking deadline on July 18, 2026.\n\n\n\nWhat happened to the anti-CBDC bill?\n\nIt cleared the House 219-217, then stalled when a promise to attach it to the defense bill went unkept. A provision barring the Federal Reserve from issuing a central bank digital currency through 2030 later rode inside the 21st Century ROAD to Housing Act. The President has refused to sign that package over an unrelated elections bill, but it becomes law without his signature once the ten-day window closes.\n\n\n\nWhy has CLARITY not had a Senate vote?\n\nPrimarily ethics. Democrats have conditioned support on provisions restricting officials from profiting from the crypto industry, prompted by the President’s disclosure of roughly $1.4 billion in crypto income. The merged Senate draft released July 14 omitted any ethics provision, and Senators Murphy, Van Hollen, and Merkley announced opposition the same day. Disputes over DeFi developer protections and stablecoin yield also remain live.\n\n\n\nWhat are the odds it passes in 2026?\n\nTraders have grown sharply more pessimistic. Prediction markets priced 2026 passage in roughly the mid-20s to upper-30s percent range in mid-July, down from above 70% earlier in the year. Galaxy’s research head cut his estimate to about 50% from 75% in late May. Those figures move quickly and should be checked against current markets.\n\n\n\nWhat is the deadline?\n\nThe House leaves for recess on July 23 and the Senate around August 7. Majority Leader John Thune has pledged a floor vote before the recess, with the week of July 20 under discussion. After that, the bill lands in a fall calendar running into November midterms, when the outlook becomes considerably harder to predict.\n\n\n\nWhat governs crypto in the meantime?\n\nThe SEC and CFTC joint interpretive release of March 17, 2026, which classified 16 named assets including Bitcoin, Ether, and XRP as digital commodities under a five-category taxonomy. It is binding on both agencies and is cited in fund registration statements. But it is administrative action, not statute, so a future administration could direct a reinterpretation without any congressional vote, which is the central argument for passing the bill.\n\n\n\n\n\n\n\n\n\n                Read more:\n            \n\n                Robinhood built an RWA chain. 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