Galaxy Research has lowered the probability of the 《CLARITY Act》 being passed in 2026 from 60% to 50%, with the bill stuck on timing and procedure in the Senate: although it was approved by the Banking Committee in May, in order to complete it before Congress adjourns in August, the majority leader must schedule it for a vote no later than early July.
The bill’s purpose is to establish, at the federal level, a market structure for digital assets and an investor protection framework. However, the Banking Committee and the Agriculture Committee have not yet agreed on a unified version. There are clear disagreements, especially over conflict-of-interest provisions and the developer-protection content related to the 《Blockchain Regulatory Certainty Act》.
At the same time, Dubai’s approach is “get the license first, then operate under control.” The local virtual asset regulator, VARA, has granted Tribe Tokenisation the 50th virtual asset service provider license. Licensed institutions, before formally opening to the public, must go through a controlled-operations phase.
In other words, the U.S. is repeatedly refining the fine details of an far-reaching federal bill, while Dubai continues to accumulate licensed institutions through a predictable “license + controlled operations” model. In the coming months, whether the U.S. can lock in a voting schedule before early July may affect the psychological boundary of global expectations for the positioning of crypto business plans.
The bill’s purpose is to establish, at the federal level, a market structure for digital assets and an investor protection framework. However, the Banking Committee and the Agriculture Committee have not yet agreed on a unified version. There are clear disagreements, especially over conflict-of-interest provisions and the developer-protection content related to the 《Blockchain Regulatory Certainty Act》.
At the same time, Dubai’s approach is “get the license first, then operate under control.” The local virtual asset regulator, VARA, has granted Tribe Tokenisation the 50th virtual asset service provider license. Licensed institutions, before formally opening to the public, must go through a controlled-operations phase.
In other words, the U.S. is repeatedly refining the fine details of an far-reaching federal bill, while Dubai continues to accumulate licensed institutions through a predictable “license + controlled operations” model. In the coming months, whether the U.S. can lock in a voting schedule before early July may affect the psychological boundary of global expectations for the positioning of crypto business plans.