The legislation would give the crypto industry its first comprehensive federal rulebook, defining when digital tokens are securities or commodities and which regulators oversee them. Crypto companies say the act is necessary to provide legal clarity for the industry and could potentially boost the adoption of cryptocurrencies. The crypto industry spent more than $119 million backing pro-crypto candidates in the 2024 election hoping to advance the Clarity Act and stablecoin law. Trump in June reported more than $1.4 billion in income from his family’s crypto ventures last year. Democrats want more restrictions on government officials’ crypto ventures, and negotiations on that aspect of the bill remain fluid.