GM. This is Milk Road, the crypto newsletter that makes you sound like you've been onchain since 2013.
Here’s what we’ve got for you today:
- ✍️ The CLARITY Act cleared its biggest hurdle yet!
- 🎙️ The Milk Road Show: Why Banks Are Suddenly Rushing Into Crypto.
- 🍪 Japan's 30-year government bond yield just hit 4%.
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THE CLARITY ACT JUST CLEARED ITS BIGGEST HURDLE YET 🎉
Yesterday, the CLARITY Act cleared the Senate Banking Committee.
That was the make-or-break gate we flagged 48 hours ago. Crypto in America just took its biggest legislative step ever.
Big win! But it's also far from a done deal.
CLARITY still has 4 hurdles in front of it before it becomes law.
Here's the path ahead, in plain English:
1. The Senate Agriculture Committee.
Yes, the Ag Committee. Weird, I know.
It's a leftover from when the CFTC (Commodity Futures Trading Commission) mostly oversaw farm futures like corn and wheat.
Since CLARITY hands the CFTC big new powers over crypto, the Ag Committee has to sign off too.
The risk: different committee, different faces, fewer crypto-friendly senators. They could attach their own amendments and slow things down.
2. The full Senate floor vote.
This is the big one. All 100 senators get a say, but the bill needs 60 votes to break a filibuster.
Republicans hold 53 seats. That means at least 7 Democrats have to cross over.
Senator Warren has already filed over 40 amendments - and the Trump ethics fight (whether sitting officials should be barred from profiting personally off crypto) is also still very much alive.
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THE CLARITY ACT JUST CLEARED ITS BIGGEST HURDLE YET (P2) 🎉
Once clearing the Senate Agriculture Committee, and a full Senate floor vote, CLARITY then needs to:
3. Reconcile with the House version.
ICYMI: The House passed its own version of CLARITY back in July 2025.
The two versions now have to be merged in a "conference committee" (a group of lawmakers from both chambers hashing out one final text).
If the versions disagree too much on DeFi liability, ethics, or stablecoin rules, this stage could drag on for months.
4. Both chambers re-vote, then Trump signs.
Once the conference committee agrees on a final draft, the House and Senate both vote again on the merged version.
Then it heads to Trump's desk.
Trump has been openly pro-crypto, so the signature itself shouldn't be the issue.
The one tiny wrinkle: if Democrats somehow force ethics language into the final bill that threatens the Trump family's crypto businesses, a veto could be on the table.
(That's a long shot given the GOP controls the drafting process. But worth noting all the same.)
The prize at the end of all this?
If CLARITY passes into law, crypto in the U.S. finally gets clear rules instead of subpoenas.
The SEC gets jurisdiction over crypto assets that look like securities. The CFTC gets the rest.
The era of "regulation-by-enforcement" (where the SEC sues companies into compliance instead of actually guiding them on compliance) ends, builders stay onshore, investors get certainty, exchanges stop playing legal whack-a-mole.
That's the big payoff we've been chasing for years.
Next gate to watch: the Senate Agriculture Committee markup.
If we can clear that cleanly, then the summer timeline stays alive.
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Yikes! Japan's 30-year government bond yield just hit 4% for the first time since they were issued in 1999.
While we’re on the topic… The U.S. 10-year yield just broke 4.50% for the first time since June 2025. That's the same level that triggered Trump's tariff pause last year.
Need a palate cleanser? MIT just solved one of the hardest unsolved problems in robotics…
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