U.S. Congress: Clarity Act Momentum Stalls Over Ethics Language
The Crypto Clarity Act has secured backing from major financial institutions, law enforcement, and crypto industry groups, but Senate passage before August recess is now unlikely. Fidelity, the $7 trillion investment manager, endorsed the market-structure bill, joining the National Fraternal Order of Police and multiple crypto advocacy organizations in public support.
Senate Majority Leader John Thune signaled the bill will not clear the chamber before the scheduled August recess, citing Democratic objections to GOP-inserted ethics language. Democrats argue the ethics provisions—reportedly tied to restrictions on President Trump's personal crypto dealings—do not sufficiently address insider trading concerns. Senator Elizabeth Warren criticized a separate House bill on insider trading, stating it fails to prevent lawmakers from trading stocks based on non-public information.
The White House has urged Senate Democrats to accept negotiated limits on Trump's crypto activities as a legislative victory, suggesting the Clarity Act's current restrictions represent a compromise position. The competing priorities of market structure reform, ethics oversight, and shrinking floor time have compressed the legislative window for passage.
International Enforcement: EU Sanctions HTX and Crypto Services Network
The European Union has added HTX exchange to its 21st sanctions package against Russia, designating it among 18 entities accused of providing crypto-asset or payment services in violation of EU measures. HTX was previously sanctioned by the United Kingdom two months earlier. The EU stopped short of a full asset freeze for the exchange, instead citing its actions as "significantly frustrating" European sanctions enforcement.
The EU sanctions package targets an estimated $120 billion crypto network and represents the bloc's first consideration of banning third-country crypto service providers broadly. Fourteen additional crypto companies have been identified for targeting, though their names have not yet been disclosed. The measures reflect escalating pressure on infrastructure enabling sanctions evasion.
Thailand's Securities and Exchange Commission separately filed a criminal complaint against Bitkub exchange and two former directors over alleged false disclosures related to a 2021 cyberattack involving $50 million in assets, signaling coordinated international scrutiny of exchange compliance and transparency standards.
This article was written by our AI pipeline from aggregated headlines and live market data. Not financial advice.