Clarity Act Hits Senate Wall as Crypto Ethics Fight Grows

The Clarity Act, a bill meant to set rules for digital assets, needs seven Senate Democrats to cross party lines to advance. That math got harder after questions surfaced around Donald Trump's potential $1.4 billion in crypto income by 2025, several people familiar with the discussions said.

Separately, Hyperliquid and Phantom filed with the Commodity Futures Trading Commission to create a framework for onchain perpetuals that would bypass Congress. The move could speed up regulatory clarity for decentralized finance platforms, though CME Group and Intercontinental Exchange are lobbying to require Hyperliquid's registration first. That lobbying could push any CFTC action past the Aug. 7 deadline.

The CFTC's docket is the next thing to watch. If the agency moves on the Hyperliquid-Phantom proposal before August, it signals a tilt toward DeFi. If it stalls, the Senate math on the Clarity Act becomes the only game in town. Current prediction markets price legislative action as unlikely in the near term.

CME Group carries an Alpha Score of 57/100, labeled Moderate. Intercontinental Exchange scores 41/100, labeled Mixed.