You Won't Understand What's Happening with Cryptocurrencies Unless You Look at the USA!

The Bitcoin chart doesn’t tell you the whole truth. The battle is no longer just between supply and demand. In this game, the struggle is between banks, exchanges, stablecoin issuers, and politicians. And the stakes are control over the future version of the American financial system.

The location was chosen with almost excessive symbolism. On July 17, American politicians and representatives from the cryptocurrency industry met in New York to discuss the future of the digital asset market.

The hearing was titled "Building the Future of Finance: How the CLARITY Act Unlocks Innovation." The name itself left little doubt. This was not meant to be a neutral academic debate, but a political demonstration of support for a bill that could completely change the way cryptocurrencies are regulated in the United States.

The problem is that on the other side of the table sit the banks. And they have just announced an open fight.

The CLARITY Act has still not been adopted.

The hearing was organized to increase pressure on senators and show that American companies need new rules for market operation.

The House of Representatives passed its version of the bill on July 17, 2025. The project was supported by 294 congressmen, while 134 voted against it. The project has made it to the Senate calendar, but the date for a vote by the entire chamber remains unknown.

Time is working against the supporters of the bill. The August recess of Congress is approaching, and afterward, the attention of politicians will increasingly shift towards the elections. If senators do not break the deadlock, the project could be frozen for many months.

Donald Trump is particularly keen on the adoption of the bill. The president wants the United States to become the global center of the cryptocurrency industry. At the same time, his private interests may be one of the main reasons why some Democrats do not want to support the project.

Donald Trump has become a problem for his own bill.

Trump openly supports the cryptocurrency market. However, his family is linked to projects utilizing tokens, stablecoins, and the World Liberty Financial platform.

Democrats are therefore demanding regulations that limit the ability of the president, members of his administration, and other top government officials to benefit from the digital asset market.

A political paradox has emerged. Trump is one of the most important allies of the cryptocurrency industry, but his financial involvement may simultaneously hinder the adoption of the most crucial bill for this industry.

Everyone is fighting for the CLARITY Act, but each group for completely different reasons. Republicans want to prove that America can become the global center of cryptocurrencies. Democrats do not want to adopt a law that could benefit companies linked to the president's family. Banks do not want to allow a drain of deposits. The cryptocurrency industry knows that its window of opportunity is closing quickly.

The End of Regulation through Lawsuits.

The essence of the CLARITY Act is a seemingly simple question: when is a cryptocurrency a security, and when is it a digital commodity? For years, the answer often depended not on clear regulations, but on the interpretation of the U.S. Securities and Exchange Commission.

On one side of the market is the SEC, which regulates securities. On the other is the CFTC, primarily responsible for commodity markets and derivatives.

If a token is deemed a security, it is subject to much stricter SEC regulations. If it is a digital commodity, its trading may mainly fall under the control of the CFTC.

The problem was that for years companies often learned how the SEC classified their tokens only after receiving a lawsuit. This led to years of disputes between the regulator and Ripple, Coinbase, and Binance. Some companies completely withdrew from the U.S. market, while others moved their operations to countries with more predictable regulations.

The CLARITY Act aims to change this.

Which cryptocurrencies could benefit?

The Act does not include a list of tokens that will automatically be recognized as digital commodities. This does not mean that the day after its adoption, XRP, Ethereum, or Solana will receive a safety guarantee from the government.

However, it can be assumed that established networks with public documentation, real users, independent operators, and infrastructure that is not entirely controlled by a single company will gain a more favorable position.

Potential beneficiaries may include the largest layer-one blockchains, such as Ethereum, Solana, or XRP Ledger.

Projects where a small group of insiders controls most of the token supply, network validation, key decisions, and the use of funds raised from investors may face a more difficult situation.

The CLARITY Act could thus separate projects that have built a functioning infrastructure from tokens that exist mainly for their creators to sell to subsequent investors.

Banks vs. Digital Dollars

However, the biggest battle is not about Bitcoin, XRP, or even the power struggle between the SEC and CFTC. It concerns stablecoins.

Banks fear that exchanges and cryptocurrency platforms will start offering users rewards similar to deposit interest rates. Imagine being able to store digital dollars on an exchange or in an app and earn a few percent annually. This sounds attractive to the customer. For banks, it means a potential loss of deposits that could have been used to finance loans.

Why keep money in an interest-free bank account when a stablecoin allows you to earn rewards just for holding digital dollars? According to organizations representing American banks, the widespread offering of such products could lead to a withdrawal of deposits, particularly from smaller institutions.

Banks use these funds to finance loans for households, entrepreneurs, and farmers. A smaller deposit base could therefore mean a reduction in lending activity.

The current compromise attempts to separate passive interest from rewards related to actual activity. A platform should not pay a user solely for holding a stablecoin. However, it could offer benefits tied to payments, transactions, or the use of specific services.

And that is precisely why Jamie Dimon, CEO of JPMorgan Chase, announced an open fight against the Act in its current form.