Congress is still arguing over who gets to write the rules for crypto. Meanwhile, the firms most affected by those rules are already pouring the foundations of the system they expect to operate in. That’s roughly where American crypto policy sits in July 2026. The CLARITY Act was meant to settle the structure of the US digital asset market. Instead, it has become caught between law enforcement concerns, political disputes and a fight over stablecoin yield. As banks are developing tokenised deposits, crypto firms are moving closer to regulated financial institutions. Stablecoin issuers are looking for a place inside ... (full story)