The response to the Clarity Act, including from the SEC and CFTC, has been very clear: while the Clarity Act is important, it will not be passed in the short term and will not affect the overall situation. The core value of the CLARITY Act is to thoroughly delineate the jurisdictional boundaries between the SEC and CFTC through legislative means, in order to prevent future regulatory frameworks from being inconsistent, overturned, or tampered with. This is the significance of legislation. However, the bill has been stuck in the Senate for several months, with ethical provisions, DeFi boundaries, stablecoin interest rates, and other issues being repeatedly debated between the Republican and Democratic parties. Coupled with the brief time window after Congress resumes, the midterm election campaign season has also compressed a lot of legislative space. But the Clarity Act is a comfortable prediction game with good odds, as there will be many volatility points within a limited time window. For example, Trump's speech at the leaders' meeting of the encryption circle, the regulatory framework of the compliance ICO launched by the SEC, and the statement of Selig, the chairman of the CFTC, to build the market structure of encryption assets in the following paragraphs may all lead to short-term fluctuations in the probability of passing. I have an almost 20% chance of placing an order on @ bagelw_in, but it has now rebounded to 28% 。 So, there's no need to worry about whether the Clarity Act will be passed. Make a prediction and keep an eye on the repeated fluctuations within a limited window of probability. Also, focus on observing what administrative measures the SEC and CFTC have taken to fill the gap. For example, the compliance ICO exemption channel launched by the SEC is an example of using administrative measures to pave the way for legal boundaries in advance Directly provide Startup exemption (up to $5 million within four years) and Fundraising exemption (up to $75 million per year), coupled with a conditional safe harbor, allowing the token to officially detach from securities after core management efforts are completed. This is equivalent to using administrative rules to achieve the path of "token transition from securities to commodities" that the Clarity Act wants in advance. The actions taken by the CFTC are also aimed at creating a "legislative" framework for the Crypto asset market structure, such as incorporating existing unregistered spot cryptocurrency exchanges, brokers, market makers, perpetual contract platforms, etc. into the registration and regulatory system, allowing them to provide leverage and margin trading under compliance. The introduction of @ HyperliquidX is likely to follow this approach. In addition, it will also provide customer fund isolation, risk disclosure, anti manipulation rules, and actively communicate with on chain protocol developers to explore the legal operation path of DeFi in the United States, avoiding the past "one size fits all" law enforcement. In addition, the five major classification frameworks for token taxonomy jointly released by both parties earlier have basically established the securities/commodity attributes of mainstream assets. These administrative measures combined have actually implemented the core short-term effects that the Clarity Act aims to achieve: There are clear channels for issuance, certainty in asset classification, compliance pathways for trading intermediaries, and predictable regulatory frameworks for leveraged products. So back to the initial judgment: the Clarity Act won't pass for a while, it really won't affect the overall situation. Note: By the way, if you want to play prediction, you can easily download a product from boss @ bagelw_in and @ chessxyz that is very resistant to attacks. I have recently experienced it in depth and found that it is often gray and slippery. My invitation code is HAO888 (I have been phishing once while operating on PM, and this mobile app is really convenient for placing bets) ）