legislation

U.S. Senator Cynthia Lummis stated that if the Clarity Act fails to pass in this Congress, the next real opportunity to reintroduce market structure legislation will not come until 2030. Completing this work now could prevent wasting job opportunities, investments, and tax revenue in the coming years.

According to CoinDesk, the National Sheriffs' Association (NSA) sent a letter to Senate leadership on Thursday, announcing a shift in its position on the Clarity Act from opposition to neutrality. Association President Troy Wellman and Executive Director Justin Smith stated in their letter to Senate Majority Leader John Thune and Minority Leader Chuck Schumer that, given the complexity of the bill and the significant details still under review, the most appropriate course of action is to take a step back and allow the legislative process to continue in order to establish a clear, effective, and urgently needed regulatory framework.Previously, the NSA had sent a letter to the Senate Banking Committee in May, warning that Section 604 of the bill would grant "blanket exemptions" to mixers, tumblers, and DeFi platforms from anti-money laundering rules, and stated that individuals might exploit evolving software, algorithms, and AI agents to transfer digital assets without tracking or accountability, engaging in activities such as money laundering, financing terrorism, and evading sanctions. A month after that letter was sent, the White House invited law enforcement organizations expressing concerns about the cryptocurrency market structure bill to meet and discuss how to address the bill's controversies regarding the prevention of illegal finance. Blockchain Association CEO Summer Mersinger also criticized the NSA's opposition stance in a July column, calling the bill "the most significant consumer protection measure in years."The NSA's shift to neutrality removes one of the most outspoken critics from the law enforcement community ahead of the September vote on the bill.

According to Cointelegraph, the California Senate passed Assembly Bill 2409 (AB 2409) with a vote of 40 to 0, followed by the California Assembly agreeing to the Senate amendments with a vote of 78 to 0. The bill has now entered the signing stage, awaiting the governor's decision.The bill will prohibit digital asset service providers from offering meme coins issued or co-issued by federal officials or state and local officials to California residents after January 1, 2027. The bill defines meme coins as digital assets whose value primarily derives from public interest, speculation, or community participation.Meanwhile, according to consumer rights organization Public Citizen, investors in the TRUMP meme coin related to former President Trump have incurred a cumulative loss of approximately $3.2 billion. The Trump family's cryptocurrency business is also considered an obstacle to the advancement of the U.S. Digital Asset Market Clarity Act (CLARITY Act).

According to The Block, South Korea's top financial regulator has stated that it will accelerate discussions on cryptocurrency-related legislation and plans to launch the country's version of the "Basic Law on Digital Assets" this fall.The bill is expected to establish corresponding rules regarding stablecoin issuance, licensing for virtual asset service providers (VASP), Bitcoin ETFs, and other matters.

The Central Cybersecurity and Informatization Commission issued the "Action Plan for Promoting High-Quality Development of Internet and Information Enterprises (2026-2030)."It mentions strengthening the construction of cyber rule of law. Actively carry out forward-looking research on legislation in the field of internet and information. Accelerate the legislative process in emerging areas such as artificial intelligence, anti-cyber violence, digital economy, online platforms, and blockchain.Promote the revision of the "Internet Information Service Management Measures," improve the legal system for internet information service management, "self-media" management, and algorithm governance. Advance the formulation of the Telecommunications Law, Cybercrime Prevention Law, and Cybersecurity Level Protection Regulations, and improve the supporting regulations for the "Regulations on the Protection of Minors Online" and "Regulations on the Management of Cyber Data Security."Standardize administrative inspections involving internet and information enterprises, minimizing interference with the normal production and operational activities of internet and information enterprises. Improve supervision and law enforcement measures that adapt to the new characteristics of internet development governance, and severely crack down on illegal and irregular activities online.

Independent Senator Bernie Sanders urged leading AI company CEOs to pause AI development and warned that if action is not taken, lawmakers will intervene.

According to CoinDesk, U.S. Senator Elizabeth Warren stated that she supports pushing for cryptocurrency-related legislation but does not support the current CLARITY Act, believing that the bill fails to adequately address key issues such as corruption, consumer protection, national security, and economic risks.Warren pointed out that the crypto industry needs a clear regulatory framework, but the regulatory plan must ensure investor rights and the safety of the financial system. She believes that the CLARITY Act is lacking in preventing conflicts of interest, protecting consumers, and reducing potential systemic risks.The CLARITY Act aims to further clarify the division of regulatory responsibilities for the U.S. digital asset market, establishing a clearer legal framework for cryptocurrency asset trading, issuance, and market participants. Supporters believe that the bill helps enhance industry certainty and promote innovation.However, some Democratic lawmakers, including Warren, have previously expressed concerns about cryptocurrency regulatory legislation, arguing that some proposals could weaken the power of regulatory agencies and create regulatory arbitrage opportunities for large crypto companies.Warren has long taken a cautious stance on crypto assets, focusing on consumer protection, financial stability, and the risks of illegal activities in the crypto market. This statement indicates that U.S. cryptocurrency regulatory legislation still faces a struggle between the two parties and different interest groups.

According to Decrypt, the Myanmar parliament passed a law on Tuesday that allows for the death penalty for those who coerce others into engaging in online fraud through violence or illegal detention.According to the draft bill released in May this year, if such abusive behavior results in the death of the victim, the death penalty should be imposed. The new law also stipulates that individuals operating online fraud parks or implementing "digital currency fraud (cryptocurrency fraud)" can be sentenced to life imprisonment; while criminals who commit violent coercion, illegal detention, and other acts can be sentenced to 10 years to life imprisonment.

Currently, the bill is stalled in the Senate, with Democrats demanding stronger ethical constraints regarding the conflict of interest related to the Trump family's cryptocurrency. As the congressional recess approaches, there is little time left in the legislative window.

According to Cointelegraph, U.S. Treasury Secretary Scott Bessent stated that lawmakers have entered the "final sprint phase" for the Clarity Act, urging Congress to pass the bill before the recess.

According to Maharashtra Chief Minister Devendra Fadnavis, the state is advancing the drafting of the "Maharashtra Land Token Asset Digitalization and Exchange Bill (DELTA Act)." Fadnavis chaired a related meeting, instructing officials to study global laws and regulations as well as best practices, and established an expert committee composed of representatives from SEBI, BSE, NSE, and professionals to formulate a complete legislative framework.According to the proposal, real estate will be tokenized through blockchain technology, with the entire transaction completed on-chain. This move aims to unlock the potential value of real estate, create new sources of revenue, and help Maharashtra achieve its goal of a $1 trillion GDP by 2030. If the legislation is implemented, Maharashtra will become the first state in India to introduce such regulations.

According to Bitcoin News, U.S. Senator Elizabeth Warren has requested President Trump to voluntarily disclose his cryptocurrency income and holdings from January 1 to July 15, with a deadline to complete this by July 23.In a letter dated July 16, the senior member of the Senate Banking Committee argued that Congress cannot fairly debate cryptocurrency legislation given that the President's financial exposure to the industry has only been partially disclosed. This request comes as the Senate is reviewing the CLARITY Act, and Warren believes that lawmakers need to be informed of the President's cryptocurrency interests before advancing legislation that could directly impact the value of Trump's holdings. Warren stated that the concern is not only about the President holding digital assets but also about the legislation being considered by Congress potentially benefiting businesses and investments related to the President, which have only been partially disclosed.

According to Etoday, the South Korean Democratic Party stated that it will restart the special task force on digital assets after completing adjustments to its internal leadership and plans to propose the "Basic Law on Digital Assets" in September, aiming to complete legislation within the year. Democratic Party member Park Min-kyu mentioned that the content of the bill and the submission time will be coordinated by the National Assembly, the presidential office, and relevant departments, with discussions expected to start as early as early September.In addition to clarifying the issuers of stablecoins, it is also necessary to improve the supporting systems for market structure, security, and regulation, and to establish a localized digital asset system that aligns with South Korea's financial regulatory environment. Furthermore, Democratic Party member Min Byeong-deok suggested developing the Korean won stablecoin as a payment and settlement tool to support the overseas development of Korean culture, business, tourism, and manufacturing.

According to South Korea's "Daily Economic News," the South Korean government has officially established policies for cultivating the blockchain and digital asset ecosystem through the "2026 Economic Growth Strategy for the Second Half of the Year." Core initiatives include launching a pilot project for the tokenization of government bonds in 2027, linking it with the central bank digital currency of South Korean banking institutions, and considering the interoperability of CBDC with other private blockchains.The legislation for digital assets is accelerating, with plans to promote the legislation of the "Fundamental Law on Digital Assets" in the second half of the year, covering the institutionalization of stablecoins and the systematization of cross-border stablecoin transactions. The government will also support amendments to capital market laws to promote the institutionalization of virtual asset spot ETFs. In terms of the competitiveness of the blockchain industry, large demonstration projects and leading technology research and development will be promoted in the fourth quarter of this year. Additionally, the government will collaborate with international organizations such as UNFCCC and GGGI to manage GVCM carbon credits in accordance with the Paris Agreement based on blockchain technology.

Fox Business crypto reporter posted on X platform stating that it is currently unclear what this means for the BRCA provisions, and it is also unclear whether the version passed by the Senate Banking Committee will undergo further modifications.Support from law enforcement has become a key factor in the negotiations of this bill, with some Democratic senators, including @CortezMasto and @MarkWarner, expressing a desire to address the concerns of law enforcement before the legislation receives full support in the Senate.

Sources familiar with the work indicate that lawmakers may release a new version of the cryptocurrency Clarity Act as early as next week. The new version will integrate the work of the U.S. Senate Banking Committee and the Agriculture Committee, but there are still unresolved issues, including one of the key demands from Senate Democrats regarding ethical concerns.Democrats still need to approve the new draft, which requires 60 votes to advance in the Senate.