The encryption industry waited for several years for a set of US market structure laws. The House of Representatives has passed, the Banking Committee has passed, and the Agriculture Committee version has also been merged. In the Senate, the next step is to see if the entire vote can gather 60 votes. The result got stuck. Where is it stuck? Trump's dog poop meme coin. This is not a joke, it's a fact. There is an ethical provision in the CLARITY Act that prohibits the President, Vice President, members of Congress, and federal judges from issuing or sponsoring digital assets for a fee while in office, and related existing rights must be handled through blind trusts or sales. As soon as this clause comes out, everyone is staring at Trump - his meme coins, his World Liberty Financial. What should we do? The Democratic Party uses this as a bargaining chip, and the Republican Party also needs to negotiate internally first. If the ethical provisions are not finalized, the entire bill cannot be moved. Delayed for several months. Then on July 21st, the news came out that Trump had reached a compromise with key Republican senators. On the 22nd, Lummis released a new text merging the achievements of the Banking Committee and the Agriculture Committee. The biggest obstacle within the Republican Party has been temporarily cleared, and the party hopes to push for a vote as soon as next week. But the Democratic Party hasn't nodded yet. Gallego stated on the same day that the current text is still insufficient, and Warren directly criticized the significant loopholes. Got 60 votes? still early. The probability of success on Polymarket has rebounded from a low level to just over 40% - the market is starting to reprice, but it is still far from 'stabilizing'. The absurdity of this matter lies in the regulatory framework that the US cryptocurrency industry has been waiting for for years, the boundary delineation between the SEC and CFTC, and the basic rules of the trillion dollar market, which almost ran aground due to a meme coin issued by a president. But even more absurdly, it was only because he nodded that it finally moved. Of course, even if the Senate passes, there will still be differences between the versions of the two houses that need to be coordinated, and it will not be achieved overnight. But the direction is already clear: for the first time, the United States will provide a serious regulatory framework for digital assets at the federal level. In the past few years, the SEC has relied on law enforcement to pave the way. Today, they sued Coinbase, and tomorrow they will send a Wells Notice to Uniswap. The entire industry is struggling in a gray area. Once CLARITY is over, the rules of the game change - it's not that there's no regulation, there's clear regulation. Ultimately, the biggest stumbling block for a bill to come this far is the meme coin issued by the person who wants to push it the most. The story of the encryption industry will never be boring.