The decision reinforces regulatory uncertainty across crypto markets. Ongoing disputes over DeFi oversight and market supervision continue to block consensus. Investors are actively pricing in U.S.-driven regulatory risk as clarity slips further away.

Why it matters?
The CLARITY Act aims to define how crypto assets are regulated and which agencies hold authority. Delays keep institutional caution elevated and sustain uncertainty premiums across digital asset markets.

Why the CLARITY Act Will Not Pass in 2025

Senator John Kennedy, a member of the Senate Banking Committee, said the bill is not ready for a final vote. He noted progress in negotiations but emphasized that key disagreements remain unresolved. As a result, the Senate lacks the support needed to advance the legislation.

Lawmakers originally targeted a vote later this year. However, committee markups were postponed again. The earliest realistic window for action now points to January 2026, extending the regulatory timeline by at least another year.

Tim Scott Confirms the Revised Timeline

Senate Banking Committee Chair Tim Scott confirmed that work on the CLARITY Act will restart in early 2026. He said the Senate and House versions carry different names but function as a single crypto market structure framework.

Scott accused Democrats of deliberately slowing the process. He argued that political resistance has effectively frozen progress. Despite this, he maintained optimism that the Senate could consider a vote early next year.

DeFi Disputes and Political Tensions Intensify

While bipartisan support exists for clearer crypto rules, DeFi regulation remains deeply divisive. In October, Senate Democrats introduced proposals requiring identity verification and strict anti-money-laundering compliance for DeFi platforms. The industry strongly opposed the move.

Republican lawmakers warned that such requirements could cripple DeFi activity in the United States. At the same time, some Democrats argue that advancing crypto legislation would legitimize business ventures linked to President Donald Trump.

These include a Trump-branded meme coin, the World Liberty Financial DeFi project, and American Bitcoin, a mining firm co-founded by Eric and Donald Trump Jr. Representative Maxine Waters previously said passing these bills would make Congress complicit in what she described as presidential crypto corruption.

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Bitcoin Bans: Countries with Total Prohibition 

Nine countries have completely banned Bitcoin. In these nations, buying, trading, or using Bitcoin for payments is considered a crime. 

• Afghanistan – The Taliban has banned all crypto activities since 2022. 
• Algeria – A 2018 law criminalized Bitcoin trading and holding. 
• Bangladesh – Bans have been in place since 2014, though underground trading persists. 
• China – Restrictions began in 2013, escalating to a full ban in 2021, including mining and exchanges. 
• Egypt – The Central Bank and religious authorities declared Bitcoin “haram.” 
• Kuwait – All crypto transactions and mining were banned in 2023. 
• Nepal – Crypto activities have been illegal since 2017. 
• North Macedonia – The only European country with an outright Bitcoin ban. 
• Tunisia – Enforced a full ban in 2018 due to capital flight concerns. 

Legend:
Legal tender | Permissive | Restricted | Controversial | Banned 

Payment and Institutional Restrictions 

Some countries don’t fully ban Bitcoin but restrict its use for payments or through banking systems. 

• Ecuador – Banned as a payment method but trading is allowed. 
• Iraq – Banks and financial institutions cannot process crypto transactions. 
• Morocco – Banned in 2017, regulatory plans announced in 2024. 
• Qatar – Banks prohibited from Bitcoin transactions. 
• Turkey – Crypto payments banned since 2021, but holding and trading remain legal. 

Regulatory Restrictions and Flexible Approaches 

Other nations use regulatory controls rather than outright bans. 

• Saudi Arabia – Issues repeated warnings on crypto investments. 
• Bolivia – Lifted its 2014 total ban, moving to regulation in 2024. 
• Russia – Limited legal use for payments, mining has been legalized. 

Countries Where Bitcoin Is Legal 

In most regions, buying, holding, and trading cryptocurrencies are legal, though subject to regulations, taxation, and AML laws. 

• United States – Legal under SEC and CFTC oversight. 
• European Union – Fully regulated under MiCA framework (2024–2025). 
• United Kingdom – Trading allowed under FCA supervision. 
• Japan – Licensed exchanges, fully legal trading. 
• Canada, Australia, Switzerland – Regulated but open crypto markets. 
• Turkey – Holding and trading legal, payments prohibited. 
• Nigeria – Recognizes crypto as legal securities; banks can service licensed firms. 

Countries Accepting Bitcoin Payments 

A few countries recognize Bitcoin as legal tender, enabling daily payments. 

• El Salvador – Declared Bitcoin an official currency in 2021. 
• Central African Republic – Adopted Bitcoin as legal tender in 2022. 

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The GENIUS Act provides a national innovation framework for stablecoins. The CLARITY Act establishes legal infrastructure for the digital asset market. The Anti-CBDC bill aims to restrict the Federal Reserve’s development of a digital currency. 

Trump-Supported GENIUS Act Had Already Passed the Senate 

Former President Donald Trump had previously announced plans to rapidly advance his crypto agenda. As part of this, Republican lawmakers prepared a “crypto week” for this week and urged all party members to support the bills. 

The GENIUS Act had been approved by the Senate in June. Trump is expected to sign the bill on Friday, provided there are no further changes. Some Democrats criticized the process, citing conflicts of interest and corruption suspicions. 

Meanwhile, before the vote, some Republicans who demanded special regulations banning CBDCs temporarily blocked the process for several hours. However, the bills were ultimately approved with support from Republicans and more Democrats than expected. Approximately 80 Democrats voted “yes” for the CLARITY Act, and over 100 supported the GENIUS Act. 

CBDC Debates Intensify, FED in the Spotlight 

The Federal Reserve’s digital currency development has faced longstanding criticism from conservatives. The Anti-CBDC Surveillance State Act argues that this development could be a “secret surveillance tool” and calls for its ban. Republican lawmakers support the bill on grounds of protecting individual privacy. 

However, many experts believe this bill risks blocking not only the FED but all digital currency initiatives. Meanwhile, actors in the tech and finance sectors believe these regulations could eliminate uncertainties for the digital asset ecosystem. 

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Bilateral Talks on Digital Assets Held in Washington

Bilal Bin Saqib, Pakistan’s Minister of State for Crypto and Blockchain, met with Robert “Bo” Hines, executive director of Trump’s Council on Digital Assets. According to a report by 24NewsHD, the two discussed broad collaboration across Bitcoin, decentralized finance, and cross-border innovation.

Following the meeting, Saqib emphasized:

“It is my mission to position Pakistan as a global leader in digital assets. We’re establishing a Bitcoin reserve and building infrastructure for AI data zones and crypto mining.”

The Trump administration, through Hines and Council Chair David Sacks, has previously expressed strong interest in ensuring the U.S. leads globally in digital asset innovation.

Pakistan Eyes Bitcoin Mining With 2,000 Megawatts of Surplus Power

Beyond creating a reserve, Pakistan is also aiming to convert 2,000 megawatts of surplus electricity into Bitcoin mining and AI-focused infrastructure. The plan is designed to turn underused national resources into digital productivity while boosting employment and modernization.

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The country is also building a regulatory framework. On May 21, Pakistan’s Finance Ministry approved the creation of the Pakistan Digital Assets Authority (PDAA), a new body set to regulate exchanges, custodians, wallets, stablecoins, and DeFi protocols.

IMF Flags Concerns Over Energy Use Amid Economic Strains

However, not everyone is convinced. On May 31, the International Monetary Fund (IMF) raised concerns about the legality and viability of allocating so much energy to crypto mining during an ongoing financial assistance negotiation.

The IMF asked Pakistan’s Finance Ministry to clarify the legal grounds and energy impact of the initiative, especially as the nation battles chronic power shortages and economic instability.

Whether Pakistan can strike a balance between digital innovation and fiscal responsibility remains a critical question in the coming months.

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What’s in the New Staking Rules?

Under the new circular, crypto exchanges must:

• Obtain written approval before offering staking services.
• Retain control over staked assets — no third-party custody allowed.
• Fully disclose all risks, fees, lock-up periods, and custodial details.
• Report staking activities to the SFC regularly.

These rules also apply to regulated funds with over 10% exposure to staked digital assets. Funds can only stake assets available to the public on SFC-approved platforms, and leveraged staking is strictly prohibited.

SFC Emphasizes Web3 Vision

At the Hong Kong Web3 Festival, SFC’s Christina Choi stated:

“The SFC is committed to supporting Hong Kong’s Web3 journey.”

Citing NFT market volatility, she emphasized a pragmatic approach to Web3 — focusing on strong fundamentals and sustainable ecosystem building rather than chasing hype.

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Hong Kong remains a top 3 financial hub globally, offering regulatory clarity and easy access to Asian markets — a major draw for Web3 firms.

ASPIRe Roadmap: Future-Proofing Crypto

The city’s ASPIRe strategy includes 12 initiatives across five pillars, such as market access, regulatory optimization, and blockchain efficiency — all aimed at cementing Hong Kong’s crypto leadership.

Choi emphasized the convergence of traditional finance and digital economies:

“The zero-to-one breakthrough has been made; now it’s about going from one to 100.”

NFT Market Weakens

SFC’s announcements come amid a 70% drop in NFT daily trading volume. Bybit shut down its NFT marketplace, following in the footsteps of X2Y2, as interest continues to wane.

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The Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger, passed the Arizona State Senate Finance Committee with a 5-to-2 vote on January 27.

The bill now proceeds to the Senate Rules Committee for further debate and amendments. If approved by the Senate, the bill will advance to the House of Representatives.

This legislation proposes the creation of a strategic Bitcoin reserve managed by the U.S. Treasury for safeguarding government Bitcoin holdings. It also allows public funds to store digital assets in a “secure, segregated account within the strategic Bitcoin reserve.”

The bill permits government entities or public funds to allocate up to 10% of their capital to Bitcoin (BTC) and other digital assets. It also opens the door for pension funds to invest in Bitcoin, potentially boosting public interest in cryptocurrencies.

Young Generations Show Preference for Crypto Retirement Plans

A Cointelegraph report dated January 16 revealed that 20% of Gen Z and Alpha generations are open to receiving their pensions in cryptocurrency, with 78% expressing more trust in “alternative retirement savings options” over traditional pension systems.

Arizona’s decision to include Bitcoin in its financial strategy could inspire other states to follow suit. Blockchain expert Anndy Lian stated:

“Imagine if your state decided to allocate a portion of your tax dollars to Bitcoin; this might encourage places like Texas or Pennsylvania, where similar ideas have already been discussed, to act faster.”

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However, Lian warned that a Bitcoin reserve would require safeguards due to cryptocurrency’s volatility, highlighting financial risks taxpayers could face.

Could the Bitcoin Reserve Act Skyrocket BTC Price?

Supported by Wyoming Republican Senator Cynthia Lummis, the Bitcoin Act is one of the most anticipated crypto bills in history, generating excitement among investors.

Nationwide approval of a U.S. Bitcoin reserve could potentially push Bitcoin prices beyond the seven-figure mark. Blockstream CEO Adam Back suggested that this potential has yet to be fully reflected in market valuations.

There are currently at least 13 Bitcoin reserve-related bills in various stages across states like Massachusetts, Pennsylvania, Kansas, New Hampshire, Wyoming, Ohio, Utah, and North Dakota.

Trump’s Pro-Crypto Policies Driving Momentum

Bitcoin reserve proposals are gaining traction across the U.S., fueled by President Donald Trump’s pro-crypto policies and recent executive orders.

Success in passing the bill could attract institutional Bitcoin adopters such as pension and sovereign wealth funds, further legitimizing Bitcoin as an asset class.

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