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The Block said a week before the U.S. midterm elections that the congressional approach to crypto policy could shift from legislative support to tighter oversight depending on the outcome. The outlet said the next Congress may step up oversight of the crypto industry while reviving the Clarity Act in a scaled-down form.
The Block said the Republican-led Congress over the past two years passed the stablecoin bill GENIUS Act and pushed to enact the Clarity Act, but the measure ultimately failed to clear the Senate. The outlet added that disputes between the banking sector and the crypto industry over stablecoin interest payments, along with conflict-of-interest concerns surrounding President Donald Trump’s crypto businesses, were key obstacles. It also said opposition within the Democratic Party grew as the value of Trump-linked assets tied to World Liberty Financial (WLFI) and the TRUMP memecoin reached hundreds of millions of dollars.