The CLARITY Act Battle (Issue 2 · Week 29, 2026)

01Latest Developments

Event: The Battle Over the CLARITY Act Key Entity: CLARITY (regulation_progress) Time Period: 2026-06-04 — 2026-07-16 Number of Events: 14 | Related Articles: 125

Timeline (Top 5 Recent Events): · 2026-07-16: Stalemate in CLARITY Act Debate Between Parties · 2026-07-16: CLARITY Act Promises to Break Through in Crypto Regulation · 2026-07-16: Senate Voting on the U.S. CLARITY Act · 2026-07-14: Are Repurchase Promises Just Empty Words? Equity Involvement Creates a Rights Vacuum for Tokens · 2026-07-13: Reduced Number of Republican Senators Increases Difficulty in Passing the CLARITY Act

Latest Developments

2026-07-17 The Senate voting period for the CLARITY Act officially closed, leaving the bill stuck in a stalemate and regulatory authority unresolved. Companies now face dual pressures: an enforcement vacuum and soaring compliance costs. Although Tether holds nearly $310 billion in market share and its CEO has criticized the MiCA framework, European firms like Revolut have set an August 31 deadline for withdrawal. OKX’s European version promptly launched a USDT-to-USDC conversion feature to adapt to changing regulatory conditions. Bybit completed its acquisition of PT Enkripsi Teknologi Handal, securing an OJK license in Indonesia and entering a market with 21.37 million users. Its transaction volume of 482 trillion rupiah demonstrates the value of compliance strategies in Southeast Asia.

2026-07-15 The transition period for Europe’s MiCA regulations ended on July 1. The AMLA chairman warned that large-scale withdrawals by customers would put virtual asset service providers under severe anti-money laundering pressure. Regulators plan to enhance analytical capabilities and promote unified standards. Pump.fun generated millions in daily revenue but couldn’t withstand the selling pressure from 82.5 billion tokens being unlocked. The repurchase ratio dropped sharply from 100% to 50%, sparking controversy. Compliance lawsuits and the “casino mentality” became additional burdens in this bear market. JPMorgan Chase launched the JLTXX and MONY funds, tokenizing $769 million in reserves to meet stablecoin reserve requirements through regulated cash assets. BitMAIN received an 180-day extension from Nasdaq until January 2027 to meet minimum stock price requirements and restore compliance.

2026-07-14 The Ethereum Foundation team founded EthSystems, a privacy-compliance company supported by Bitmine and others. Focused on developing Ethereum privacy-compliance technologies for banks and asset management firms, the company has already completed one year of open-source development.

2026-07-13 Japan’s prime minister has voiced support for Web3 for three consecutive terms. SBI invested nearly $500 million to develop full-chain solutions. Rosen launched stablecoin payments as part of tax reform efforts to create a compliance framework at the level of conglomerates. Progmat, a subsidiary of Mitsubishi UFJ, migrated $3 billion worth of securities tokens to Avalanche, using subnet architecture to balance regulation and efficiency. This marks a shift from pilots to actual implementation of RWA solutions. LayerZero and Centrifuge addressed the $33 billion tokenized RWA market by using a centralized radiation model to resolve conflicts between compliance and speed. Robinhood Chain, which focuses on RWA, was overtaken by CASHCAT coin. Its CEO quickly changed tactics to take advantage of the situation, using free traffic to push the coin’s market value up to $200 million.

02Impact Analysis

The deadlock over the CLARITY法案正在从立法层面的博弈转向对企业生存能力的压力测试。随着参议院的投票期限在2026年7月17日结束，监管归属问题依然悬而未决，企业们不得不在缺乏明确监管的环境中应对不断上升的合规成本，自我救赎已成为整个行业的常态。这一影响已从政策预期蔓延到具体业务操作层面，迫使各类机构加快构建独立的合规体系。

当前市场格局呈现出明显的“合规溢价”差异。东南亚市场已经证明了获得监管许可所带来的发展优势——Bybit在2026年7月17日通过收购PT Enkripsi Teknologi Handal获得了印度尼西亚OJK的许可，从而成功进入拥有2137万用户的市场，其482万亿盾的成交额充分体现了合规牌照作为增长动力的作用。在日本市场，合规带来的好处得到了更直观的体现：2026年7月13日，三菱UFJ旗下的Progmat将30亿美元的证券类代币转移到了Avalanche平台上，这标志着现实世界资产（RWA）应用从试点阶段进入了实际应用阶段；同一天，SBI集团投入了近5亿美元来构建全链式合规体系，并与罗森合作开展稳定币支付试点，形成了类似财阀级别的完善合规架构。

不过，合规要求的提高也加速了非合规资产的清理以及相关风险的暴露。在稳定币领域，尽管Tether占据了近3100亿美元的市场份额，但欧洲各平台面临的退出压力已经变得十分现实，Revolut等机构已将2026年8月31日设定为最后期限，这迫使OKX的欧洲版本推出了USDT兑换USDC的功能，以应对日益严格的监管要求。在公链生态系统中，合规性与处理速度之间的矛盾在价值330亿美元的RWA市场中愈发突出，LayerZero和Centrifuge在2026年7月13日提出了中心辐射模型，试图解决这一矛盾。

在过渡期结束后，反洗钱（AML）方面的压力显著加剧，并转化为了具体的行动。随着MiCA法规18个月的缓冲期在2026年7月1日结束，AMLA的主席警告称，客户大规模提取资金将会给服务提供商带来巨大的合规压力，监管机构计划提升分析能力并推动建立统一的监管机制。这一趋势迫使传统金融机构加快与区块链技术的融合，摩根大通在2026年7月15日推出了JLTXX和MONY基金，将7.69亿的储备资产上链，试图在遵循传统合规要求的同时探索新的链上结算方式。

对于那些未能及时达到合规标准的项目来说，其生存空间进一步被压缩。尽管Pump.fun每天能获得百万美元的收入，但由于有825亿枚代币即将被释放，该平台的代币回购比例从100%骤降到了50%，合规诉讼以及其与赌博行业相关的背景更是给该平台带来了沉重的压力。相比之下，用于满足合规要求的科技基础设施正在迅速得到发展，以太坊基金会的相关团队在2026年7月14日成立了EthSystems，专门致力于为银行和资产管理机构开发隐私合规技术。总体而言，CLARITY法案的停滞并没有延缓行业向合规化发展的进程，反而加速了“只有持有许可证的机构才能生存，否则就会被淘汰”这一格局的形成。

03Keep an eye on it later.

Ongoing Monitoring

1. Liquidity Monitoring Post-EU MiCA Transition Period (Continued) Closely track whether virtual asset service providers will face liquidity crises due to large-scale customer withdrawals after the buffer period ends on July 1. Warning threshold: If the daily net outflow from major platforms reaches the level that triggers the “mass exodus” alert defined by the AMLA chairman, it is necessary to immediately assess the increased risk of heightened anti-money laundering compliance pressures.

2. Progress of Tether’s Withdrawal from European Markets (New) Monitor closely whether USDT will be collectively removed from European platforms by August 31, the deadline set by institutions such as Revolut. Warning threshold: A surge in USDC conversions through alternative channels like the European version of OKX, or a sharp decline in Tether’s market share, would indicate that regulatory enforcement is more stringent than expected.

3. Developments Around the Senate Voting Period for the CLARITY Act in the U.S. (Continued) Keep an eye on the evolution of legislative gridlock following the closure of the Senate voting period, focusing on the rising compliance costs faced by companies due to unresolved regulatory uncertainties. Warning threshold: If the four key contentious issues remain unresolved and the enforcement gap continues to widen, there is a risk that compliance leaders may be forced to take drastic self-saving measures.

4. Practical Indicators for Implementing RWA Compliance (New) Observe the operational efficiency of Japan’s Progmat after migrating $3 billion worth of securities tokens to Avalanche to verify the feasibility of subnet architectures in balancing regulation and efficiency. At the same time, pay attention to the actual progress made by LayerZero and Centrifuge in addressing the paradox of slow compliance implementation within a $33 billion market.

04Related Reads

1. “Senate Voting Window Closes; Rising Compliance Costs Force Companies to Self-Save”
2. “Tether Refuses to Comply: €310 Billion Giant Expelled by European Platforms”
3. “Acquiring Licensed Institutions: Bybit Overcomes Compliance Challenges with 21.37 Million Users”
4. “End of MiCA Transition Period: User Withdrawals Trigger Compliance Crisis”
5. “Daily Millions in Revenue Can’t Counter Selling Pressure; Shrinking PUMP Buybacks Raise Compliance Concerns”
6. “769 Million in Reserves On-Chain: How Compliant Cash Is Reshaping Stablecoins’ Foundation”
7. “BitMAIN Gets 180-Day Nasdaq Extension to Restore Compliance”
8. “Ethereum Foundation Teams Launch Privacy-Compliant Company EthSystems”
9. “Major Figures Back It Up; SBI Invests $500 Million, Rosen Starts Operations: Japan Seizes Compliance Advantages”
10. “$3 Billion in Assets On-Chain: Japan Sets New Benchmark for Compliant Tokenization”
11. “$33 Billion RWA Market: LayerZero and Centrifuge Solve the Compliance Speed Paradox”
12. “Half a Year of Preparation for Compliance Chain, Yet Triggered by a Cat to Create a $200 Million Market Value”
13. “AMLA Warns That Crypto Service Providers Will Face AML Compliance Pressures After MiCA Transition Period”