Trump pushes for encryption legislation, but its prospects are clouded by his own business interests.

According to Mars Finance, on May 28th, US President Trump posted on Truth Social, stating that he will lead the effort to establish a "future-oriented" digital asset market structure, and accused former SEC Chairman Gary Gensler and the "anti-crypto army" of driving Bitcoin, crypto perpetual contracts, and innovation overseas. He stated, "Under my leadership, we will codify a 'future-oriented' digital asset market structure into law, something crypto haters cannot overturn. A new frontier in finance is being established in the United States, and 'Trump' will never let the crypto industry down!" This statement comes as the Clarity Act, aimed at establishing a comprehensive regulatory framework for digital assets, passed the Senate Banking Committee in early May, after months of delays due to debates on issues such as stablecoin yields. However, analysts point out that the bill still faces complex obstacles before becoming law. Benchmark analyst Mark Palmer stated that the bill needs to be merged with a related market structure bill in the House Agriculture Committee and requires 60 votes to avoid obstruction, meaning it must secure substantial Democratic support. However, due to the ongoing conflicts of interest surrounding Trump's crypto projects and other issues, TD Cowen analysts believe this puts greater political pressure on Democrats to support a crypto bill that includes standards for addressing presidential conflicts of interest, making its passage this year unlikely. Democratic Senator Ruben Gallego has explicitly warned that he will oppose the bill in a full House vote if these issues are not resolved.