If U.S. Democrats win a House majority in November\'s midterm elections, opening investigations into President Donald Trump\'s finances and cryptocurrency business could become Congress\' top priority, raising the risk that the market-structure Clarity bill remains stalled. Democrats are tying support for the bill to addressing potential conflicts of interest involving the Trump family\'s crypto ventures. Republican delays on subpoenas and hearings could be reversed if control shifts, while Senate action on the bill has been pushed back.

As the U.S. Senate’s Clarity Act stalls, analysts say big crypto firms such as Coinbase and Circle are benefiting from the regulatory delay, while smaller companies, DeFi projects and community banks bear heavier uncertainty. Ark Invest increased holdings in Coinbase and Circle, and Circle secured federal national trust bank approval in July. The bill has grown in length, would split SEC and CFTC oversight, and impose disclosure, registration and AML duties. Bitcoin has slipped, and spot ETF inflows hit a monthly low.