According to critics, half of the most influential people in the cryptocurrency space were present at Trump’s last dinner, which is why they can’t say anything.
The CLARITY Act, the most significant cryptocurrency legislation working through the US Senate, is being held up in part by President Donald Trump’s own currency.
That’s the argument being made publicly by at least one analyst, who says the broader industry is too close to the president to say it out loud.
Trump’s symbol gives Democrats ammunition
Cryptocurrency analyst Simon Didek to publish On Tuesday X, write the following:
“The Trump meme is currently the biggest obstacle to cryptocurrency regulation right now.”
His case is fairly simple: Democrats refer to the president’s case Dinner parties With the largest holders of Trump’s official coin and retail wealth evaporating around the token as justification for demanding ethics clauses before they vote yes.
“The ‘crypto boss’ is sabotaging legislation this industry desperately needs, just to fill his own portfolios,” Didek wrote.
And it didn’t stop there:
“The reason no one in the cryptocurrency space is denying this? Because half the most important people in the industry were at that dinner on Saturday. Smiling, clapping, and kissing the ring of the man whose meme currency is single-handedly delaying the regulation they claim to be fighting for.”
The ethics issue has now crossed party lines, said Republican Sen. Thom Tillis of North Carolina, a member of the Senate Banking Committee. He said Politico says ethics language must be in the bill before it leaves the Senate, otherwise it will go from being negotiated to being voted down.
Senator Adam Schiff told the same outlet that the talks are progressing and that negotiators are “narrowing our differences,” though no one said what the ethics provision would actually look like.
You may also like:
This battle is on top of many other issues that have not yet been resolved. For example, the Senate Banking Committee reportedly Skipped A hearing is expected last week, with a vote on Fed Chairman nominee Kevin Warsh before the CLARITY Act is on the committee calendar.
Narrow window and competing pressures
Time is running out on the bill’s prospects this legislative session, according to Ji Kim, CEO of the Cryptocurrency Innovation Council, the Senate He has About 13 weeks of floor time remaining. However, taking breaks and a busy schedule into account reduces that time to nine or ten weeks.
However, some on Capitol Hill remain publicly optimistic, with Cynthia Lummis, a Wyoming lawmaker, saying at the 2026 Bitcoin Conference in Las Vegas on Monday that the increase is coming in May and that the bill will “get across the finish line.”
Elsewhere, it was reported that Bernie Moreno He said An event in Washington expected to be implemented by the end of May, he dismissed the banking industry’s pressure on stablecoin returns as “hype” and “completely false.”
Meanwhile, Galaxy Digital CEO Mike Novogratz said in a podcast last Friday that the bill will be finalized in May, and Trump will do so. Banner That’s in June. But the head of his own research company puts The chances of success this year are 50%.
Banks are also pressing on multiple fronts. The American Bankers Association has asked the Treasury Department for more than 60 additional days to comment on the rules implementing the GENIUS Act, with Patrick Witt, a White House cryptocurrency adviser, Saying On X, the constant pressure exerted by the banks was difficult to explain as anything “other than greed or ignorance.”
