The crypto industry is at war with itself over the CLARITY Act. 📰 TLDR: The biggest crypto regulation in U.S. history is stalled because the industry can’t agree on whether it’s progress or capitulation. ❗️ What the bill actually does: ✅ Splits authority: CFTC oversees spot digital commodity markets, SEC keeps securities and fundraising ✅ Tokens start as securities at issuance but transition to commodities automatically on secondary markets ✅ Grandfather clause treats tokens with spot ETFs listed before Jan 2026 (XRP, SOL, LTC, DOGE) as commodities ✅ Projects can raise up to $75M annually without full SEC registration ❗️ Where it stands: ✅ Passed the House mid 2025. Senate version stalled after Coinbase pulled support ✅ 278 page Senate draft with 100+ amendments proposed ✅ JPMorgan says passage could be the catalyst that relaunches crypto markets ✅ Midterms create a hard deadline. Congress runs out of time after August 2026 ❗️ The real debate: ✅ Hoskinson says every token becomes a security by default and regulators get permanent veto power ✅ Ripple’s Garlinghouse supports the framework ✅ Coinbase withdrew over stablecoin yield prohibition ✅ White House negotiations between banks and crypto execs collapsed with no deal Hoskinson overstates the risk. The bill’s secondary market transition is automatic, not subject to SEC approval. But his deeper concern about regulatory capture is valid. The SEC’s track record of slow walking every crypto process it touches is well documented. Follow if you’re trying to actually understand this space.