A landmark digital assets bill has stalled in the Senate, even though the crypto industry has spent more than $225 million building its influence in Washington since the start of Donald Trump's second term in January 2025. Senators are set to leave Washington without voting on the Clarity Act, a first-of-its-kind regulatory framework for digital assets, following months of negotiations and repeated assurances from lawmakers.
The bill matters to the crypto sector because it would establish clear ground rules for firms operating in the space. Industry participants also hope the legislation will prevent the kind of regulatory crackdowns pursued by former Wall Street watchdog Gary Gensler under the Biden administration. The Trump administration has adopted a considerably more accommodating stance toward the industry, at a time when the president and his family maintain their own lucrative crypto ventures.
South Africa's Treasury and central bank are advancing plans to regulate the use of cryptocurrency in cross-border transactions. The National Treasury and the South African Reserve Bank (SARB) released a draft rulebook requiring that crypto sent offshore be conducted through an authorized provider and reported to the central bank's Financial Surveillance Department (FinSurv).
The proposed framework would not grant crypto legal tender status, nor does it distinguish between different types of digital assets. The two bodies have invited public comment, with submissions due by September 30. These proposals build on earlier draft regulations issued by the National Treasury in April, which would require crypto holders to declare assets above a certain threshold and surrender private keys to enforcement officers upon request. South Africa's move reflects a broader global shift toward enforceable, cross-border crypto frameworks as authorities work to protect consumers and safeguard financial systems while still accommodating innovation.