CLARITY Act Shelved as Bitcoin Drops Amid Asian Market Rout on July 28

On July 28, the Clarity Act faced further delays after Senate Majority Leader John Thune shifted attention toward federal nominations and Russia sanctions legislation, leaving crypto regulation in limbo before Congress begins its August recess. The delay coincides with renewed selling pressure as Bitcoin prices slipped below recent support levels following a sharp selloff across Asian equity markets, particularly South Korea's KOSPI.

Meanwhile, regulatory scrutiny intensified overseas. Thailand's Securities and Exchange Commission filed criminal complaints against cryptocurrency exchange Bitkub and two former executives, alleging they concealed a 2021 cyberattack worth approximately $50 million and submitted inaccurate reports to authorities. In separate developments, a U.S. judge temporarily blocked Minnesota's restrictions on prediction market platforms including Kalshi and Polymarket, citing potential conflicts with federal commodities law.