Major County Sheriffs of America dropped opposition to the CLARITY Act. Ethics concerns resurface after Trump family crypto windfall. Bloomberg sees 60% passage chance.
Alpha Score of 30 reflects poor overall profile with poor momentum, poor value, weak quality, moderate sentiment.
The CLARITY Act cleared a major law enforcement hurdle this week. The Major County Sheriffs of America shifted its stance on the market structure bill to neutral, dropping earlier opposition over developer protections in Section 604.
"We believe there remains an opportunity to further strengthen the legislation in ways that support responsible innovation and the practical needs of state and local law enforcement," the group wrote in a letter to the Senate. The MCSA also called for the framework to provide resources for federal and state officers to implement digital assets policy.
Four law enforcement agencies and the banking lobby opposed Section 604 in June, arguing it would facilitate illicit financial flows. The neutral stance from the sheriffs removes one of the bill's earlier critics.
Coinbase CEO Brian Armstrong called the update "huge," suggesting a clearer path to passage now that law enforcement concerns have been addressed.
Ethics concerns resurfaced. Reports showed the Trump family's crypto empire made over $1.4 billion in 2025, with more than $630 million from the Official Trump memecoin. Senator Kirsten Gillibrand renewed calls to bar elected officials from creating their own crypto tokens.
"This is a commonsense requirement that should get broad bipartisan support," Gillibrand said. "Public officials and their spouses should not be issuing memecoins." She added that self-dealing cannot be allowed to destroy an opportunity to strengthen consumer protections and crack down on illicit finance.
Ethics provisions in the CLARITY Act hit a rocky start last month. Democrats insisted the concerns must be addressed before they support the bill.
Hasu, a strategic advisor at Lido, called the Trump windfall "shameful" and said he doesn't "see how it doesn't backfire on this industry in a major way."
The final updated CLARITY Act text was expected around the July 4th weekend. A potential Senate floor vote could follow later in the month. Bloomberg projected a 60% chance the bill becomes law this year. Galaxy Research put the odds at 50-50.
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