Crypto
CLARITY Act Meeting July 17: Here's What Went Down
The CLARITY Act draft remains pending after a White House meeting, while Bitcoin holds steady as traders await regulatory clarity.
2h ago 4,280
BLOCKINSIDERLoadingThe CLARITY Act draft remains pending after a White House meeting, while Bitcoin holds steady as traders await regulatory clarity.
President Trump sat down with Senate Republicans on Thursday, yet the CLARITY Act's revised language failed to materialize as expected. Senator (Sen). Bernie Moreno indicated the updated plan would circulate shortly after the meeting, noting colleagues would have plenty to review.
Moreno noted that he is still targeting a Senate floor vote ahead of the August recess. Sen. Cynthia Lummis struck a hopeful note, too, anticipating a draft would surface once the White House discussions wrapped. The text is now expected to land sometime in the coming days.
“No rule can give the CFTC spot authority over digital assets, grant new sanctions authority against adversaries, or protect developers from unwarranted prosecution. Only Congress can. The Clarity Act is the only path that works,” Lumins also stated on X before the meeting.
Nevertheless, across the crypto space, supporters and critics have emerged addressing the bill.
Representative (Rep) French Hill, who chairs the Subcommittee on Digital Assets, opened by stressing regulatory uncertainty. He said unclear rules are stifling innovation across the industry. Hill argued the Act would clearly separate securities from commodities.
Coinbase's Chief Legal Officer, Paul Grewal, echoed those concerns. He noted that unclear rules have pushed U.S. firms toward relocating abroad. Grewal said clarity would let legitimate businesses grow while regulators target fraud.
Sheila Warren, CEO of the Crypto Council for Innovation, warned of competitiveness risks. She said the U.S. risks losing its global edge without action. Warren called for balanced oversight that still encourages responsible innovation.
Rep. Maxine Waters, the committee's Ranking Member, raised investor protection concerns. She warned the Act could weaken safeguards for everyday consumers. Waters suggested the bill tilts toward industry interests over consumer safety.
Dennis Kelleher, President of Better Markets, focused on enforcement gaps. He argued the bill creates loopholes bad actors could exploit. Kelleher criticized splitting authority between the SEC and CFTC as overly complex.
Hilary Allen, a law professor at American University, urged caution. She noted crypto markets remain highly volatile and unpredictable. Allen warned premature legislation could lock in rules unfit for future risks.
Traders are watching closely. CLARITY Act passing odds on Polymarket have crashed to an all-time low of 31%. The drop reflects growing doubt that the bill clears the Senate before recess. With Congress running low on legislative days, betting markets suggest passage remains far from certain.
Bitcoin price remains steady near $63,423, showing little reaction to the latest market meeting. The cryptocurrency continues holding its short-term uptrend on the one-hour chart.
Buyers have successfully defended key support levels, preventing a deeper pullback. Stable price action reflects balanced demand despite heightened expectations surrounding the event.
Markets anticipated volatility from the meeting, but the absence of new policy announcements or supporting documents limited any meaningful reaction. Additionally, the US stock markets are yet to show any major action.
With no fresh catalyst emerging, Bitcoin continues following its existing trend. Traders are instead focusing on broader macroeconomic conditions, institutional flows, and technical indicators to determine the next directional move.
Bitcoin's near-term outlook remains constructive while the one-hour uptrend stays intact. A sustained increase in buying momentum could lift the cryptocurrency toward $64,000, reinforcing the bullish structure.
However, renewed selling pressure or weaker market sentiment may push Bitcoin back to $62,500, invalidating the immediate recovery outlook and delaying further gains.
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