As the crypto industry enters September, the future of its most significant legislative bet, the Clarity Act, remains uncertain, with the industry lacking confidence in its passage by 2026. The bill aims to establish a regulatory framework for cryptocurrencies, delineate the regulatory authority of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and strengthen anti-money laundering protections. Despite efforts by U.S. President Donald Trump and crypto executives to push for the bill, many industry participants believe its chances of passing are slim. Unresolved issues include stablecoin rewards and ethical clauses related to Donald Trump and his family's crypto interests. However, even if the bill fails to pass, the Trump administration's stance on cryptocurrencies has become more lenient, and both the SEC and CFTC have become more accommodating.