Japan's Financial Services Agency plans to strengthen regulation of unregistered cryptocurrency operators by transferring relevant provisions from the Funds Settlement Act to the Financial Instruments and Exchange Act, while increasing criminal penalties and strengthening investor protection.

Gnosis co-founder Friederike Ernst points out that the CLARITY Act may grant financial institutions greater control in the crypto market, emphasizing that reliance on centralized intermediaries could diminish the role of blockchain users, while the legislation clarifies regulatory boundaries between the SEC and CFTC and protects peer-to-peer transactions and self-custody.

A poll on the Digital Asset Market Transparency Act shows that crypto users prioritize privacy and financial autonomy over stablecoin yield incentives. Regulatory provisions may threaten decentralized finance principles, sparking controversy. In Congress, the stablecoin yield issue has impeded the bill's progress, with no consensus reached yet. The bill's review is expected to be delayed until 2026.

U.S. Senate Majority Leader John Thune stated that digital asset market structure legislation is not expected to advance before April, as the Senate will prioritize the Save America Act. This timeline differs from the expectations of the Ohio senator. While the Agriculture Committee has advanced the bill, the Banking Committee's proceedings have been delayed, and the White House has not reached any agreement.

Gate News reported that on March 12, U.S. Senate Majority Leader John Thune stated that the Senate plans to advance cryptocurrency market structure legislation and licensing-related legislation after completing debate on the (voter identification provisions) of the Save America Act. John Thune said that senators are pushing forward this long-awaited cryptocurrency market structure legislation and indicated that if there is bipartisan willingness to cooperate, the Senate can make progress on multiple issues of shared concern between the two parties. The Save America Act is expected to undergo partisan debate in the Senate next week.

Patrick Witt, Executive Director of the U.S. President's Digital Asset Advisory Committee, stated that stablecoins compliant with the GENIUS Act will bring deposit inflows to the U.S. banking system, rather than outflows as warned by the banking industry. He mentioned the huge global demand for the US dollar and the provision in the bill that prohibits stablecoin issuers from engaging in bank-like lending.

Trump's digital asset advisory team pointed out that stablecoins regulated under the GENIUS Act are expected to bring new capital inflows to the U.S. banking system, but the banking industry remains cautious about their potential deposit-raising schemes. Although the crypto industry believes regulation should focus on the use of funds, the yield mechanism of stablecoins remains a legislative point of contention. The White House is seeking to establish a new consensus on stablecoin policies.

Bitcoin price drops below $70,000 again due to geopolitical risks and market caution. Trump's warning to Iran has increased market uncertainty, and high oil prices are affecting investor confidence, despite institutional continued buying of Bitcoin. Market sentiment remains cautious, with investors paying attention to U.S. CPI data and the progress of the CLARITY Act.

The CLARITY Act is progressing slowly in the U.S. Senate, mainly due to disagreements over stablecoin yield mechanisms. Senators are seeking a compromise, but the banking industry remains cautious, hoping to pass legislation before the 2026 elections. Time is tight, and whether the bill will pass remains uncertain.

On March 11,, CEX Chief Legal Officer Paul Grewal questioned the proposed amendments to the CLARITY Act on the X platform, pointing out that the banks' claims about the risks of deposit outflows lack evidence and could harm retail investors' interests. Meanwhile, Patrick Witt, Executive Director of the U.S. Digital Asset Advisory Committee, emphasized that the bill should continue to support innovation and oppose turning it into an anti-competition law.