The anticipation for the CLARITY Act's passage continues to cool down. The bill is highly unlikely to be voted on before the August recess. Trump's approximately $1.4 billion in crypto gains has become a new point of controversy. Democrats argue that current ethical constraints are insufficient. There’s still intense debate over issues like enforcement authority, indirect holdings regulation, and the validity period of provisions. The banking industry is also concerned that stablecoin yield provisions could accelerate deposit outflows, continuing to apply pressure. Not passing it this year might not be a bad thing. The biggest issue right now isn’t regulation, but liquidity. The Fed is still maintaining high interest rates. Global liquidity hasn’t truly improved. Even if CLARITY passes this time, it’s hard to kick off a new bull market with just one piece of legislation. Assuming liquidity starts improving next year, the Fed enters a rate-cutting cycle, and CLARITY officially takes effect, the combination of regulatory certainty and improved liquidity will strengthen institutional investors’ willingness to enter the market, creating a powerful boost for the entire crypto market.