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"Revolving Door' Dealings Exposed: How Tether Shaped US Stablecoin Legislation This investigation reveals how former Trump advisors Howard Lutnick and Bo Hines secured favorable terms for Tether, the world's largest stablecoin issuer, within the 'GENIUS Act'—a landmark US crypto regulation bill. Lutnick, then CEO of Cantor Fitzgerald (Tether's asset manager), lobbied against stricter bills before becoming Commerce Secretary. Bo Hines, a White House aide, later pressured lawmakers during final negotiations, framing Tether's demands as 'red lines' for the administration. Both men received substantial financial benefits from Tether: Lutnick's firm secured deeply discounted rights to Tether equity, while Hines was hired as a Tether executive weeks after the bill was signed. The final legislation includes provisions critics call 'loopholes,' allowing foreign issuers like Tether to potentially operate under 'equivalent' foreign oversight (e.g., from El Salvador) and granting a three-year compliance grace period. Despite Tether's USDT being widely used by sanctioned entities and criminals, the new rules may permanently shield its core product from direct US jurisdiction. Tether denies any improper lobbying, stating the law applies uniformly to all issuers."

A bipartisan group of lawmakers in Pennsylvania introduced House Bill 2711, which could prohibit gambling companies, including sportsbooks, from serving as liquidity providers or market makers on prediction market platforms. The bill aims to separate prediction market infrastructure from gambling entities. It would ban platforms from contracting or sharing revenue with companies engaged in gambling and imposes consumer protections, including age restrictions and bans on markets related to minors, health, and death. Unlike proposals in other states, it seeks to regulate rather than ban prediction markets, focusing on restricting liquidity sources. The bill contrasts with another Pennsylvania proposal (HB 2497) that would license and tax such platforms. This legislative push occurs amid a national debate over whether prediction contracts are gambling or financial derivatives, following a recent federal court ruling that federal commodity law preempts state gambling laws for CFTC-registered exchanges.

The U.S. Senate's vote on the CLARITY Act, which aims to establish a legal framework for the crypto market, faces a potential delay. Priority on the Senate agenda is being given to a Russia sanctions bill and confirmations of federal officials, making a vote on the crypto bill after next week increasingly likely. Senate tradition of handling only one contentious bill at a time further complicates early consideration of the CLARITY Act. Key political disagreements persist, notably over provisions to restrict cryptocurrency trading by senior government officials and elected representatives, including potentially former President Donald Trump. A bipartisan consensus has not been reached. This uncertainty raises doubts about whether a vote can occur before the Senate's August recess. If disputes intensify, the bill's passage could be jeopardized not only for this year but potentially until 2026. Even if the Senate approves the bill, it would still require a revote in the House of Representatives and the President's signature to become law, potentially prolonging the establishment of a comprehensive regulatory framework long awaited by the crypto industry. The Clarity Act is considered crucial for clarifying which agencies will oversee digital assets, defining their legal status, and setting operational principles. Industry advocates argue its passage would boost institutional investor confidence and strengthen the U.S. position in the global digital asset market.

The likelihood that the U.S. Senate will vote on the CLARITY Act, a bill aiming to establish a regulatory framework for the cryptocurrency market, before the August summer recess appears low. Crypto journalist Eleanor Terrett reported that expectations are diminishing for Senate Majority Leader John Thune to file cloture to end debate and initiate a voting process this week. According to Senate procedures, Thune needed to file the motion to proceed on the bill today for a potential Thursday vote. However, sources close to the process indicate priority is expected to be given to legislation involving sanctions against Russia and Iran. Consequently, the crypto sector's focus has shifted to next week. Industry representatives argue that even if a final vote on the CLARITY Act does not occur before the holiday break, it is crucial for the Senate leadership to at least begin the cloture process prior to the August recess. Failing to initiate this process before the break could delay the bill's consideration until the fall legislative session, further postponing comprehensive cryptocurrency market regulation in the United States.

The passage of the CLARITY Act, a crucial bill for the crypto industry, faces further delays and diminishing odds due to the upcoming U.S. Senate recess on August 7th. Senate Majority Leader John Thune indicated there is insufficient time for debates, amendments, and necessary procedures before the break. Prediction markets on Polymarket have lowered the likelihood of the bill passing in 2026 to 35%, a sharp drop from a February peak of 82%. Analysts from Galaxy Digital have similarly reduced their estimate to 30%. Despite the time crunch, lawmakers continue to discuss amendments. Recent changes include new ethics rules for government officials dealing with digital assets, a response to concerns over crypto projects linked to former President Donald Trump and his family. If passed, starting January 20, 2029, the act would prohibit government officials, including the President, from issuing or sponsoring digital assets, though ownership would remain permitted. Amid these legislative delays and amendments, Coinbase CEO Brian Armstrong has suggested the possibility of moving the company's business outside the United States.