$189M Clarity Act Lobbying Deepens US-Europe Crypto Regul.

Par La Rédaction
Publié le 11 July 2026

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Cryptocurrency Regulation: $189M Lobbying for the Clarity Act Ramps Up in the U.S., Europe Tightens MiCA — The Transatlantic Divide Widens

While Bitcoin traded around $63,800 on July 10, 2026 (and now exchanges at $64,059), the regulatory landscape for digital assets is undergoing a major shift on both sides of the Atlantic. On one side, the U.S. crypto industry is deploying unprecedented financial resources — $189 million in lobbying — to push through the Clarity Act, legislation that promises to clearly define the jurisdictional boundaries between the SEC and the CFTC. On the other, the European Union is entering a phase of concrete enforcement of its MiCA regulation (Markets in Crypto-Assets), with a particular focus on crypto custodians — those digital asset depositories now subject to heightened regulatory scrutiny.

This divergence in approach between Washington and Brussels raises fundamental questions for the industry’s future: as the United States still searches for the right regulatory formula driven by millions of dollars in lobbying, Europe advances — not without difficulties — toward concrete implementation of its framework, while progressively closing the door to offshore players. Between hopes for clarification and the tightening regulatory vise, the crypto industry holds its breath.

The $189 Million Lobbying Campaign: An Unprecedented Push for the Clarity Act

The U.S. cryptocurrency industry has never invested such a sum in a lobbying campaign. $189 million: that is the colossal amount mobilized by the sector’s main players to try to pass the Clarity Act, a bill aimed at ending years of regulatory uncertainty in the United States.

This legislative text, backed by a coalition of companies, investment funds, and professional associations, aims to clarify the division of powers between the two main U.S. financial regulators: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For several years, the ambiguity surrounding the legal classification of digital assets — are they securities or commodities? — has stifled innovation and pushed many companies to relocate to more welcoming jurisdictions.

The Clarity Act proposes a clear framework: it intends to precisely define when a digital asset falls under SEC jurisdiction (as a security) and when it falls under CFTC jurisdiction (as a commodity). This clarification has long been awaited by an industry that denounces a “regulation by enforcement” approach by the SEC under Chairman Gary Gensler, rather than clear legislation passed by Congress.

The central question now is whether this $189 million campaign will succeed in swaying enough lawmakers to secure the bill’s passage. In a U.S. political context marked by growing polarization and an imminent election year, the fate of the Clarity Act remains uncertain. Observers note, however, that the crypto sector has never put so much money on the table to influence the legislative process.

United States: A Regulatory Window Opened by Vacant Seats at the SEC and CFTC

Beyond the lobbying campaign itself, several factors are creating a favorable dynamic for the Clarity Act on the American side. Among them, the staffing situation at the two main financial regulators plays a key role. The SEC and CFTC have several vacant positions on their respective commissions, which could open the door to appointments more favorable to a balanced approach to digital asset regulation.

The composition of regulatory agencies is a major political issue in Washington. Every nomination is closely watched by the industry, which hopes to see commissioners with a better understanding of technological issues and a willingness to engage with the sector rather than regulate through enforcement. The White House, aware of the electoral stakes represented by crypto — a topic that mobilizes a portion of the young and tech-savvy electorate — may be forced to adopt a more nuanced position.

For several months, the Biden administration has sent mixed signals toward the crypto sector. On one hand, the presidential veto against a congressional resolution to repeal Staff Accounting Bulletin No. 121 (SAB 121) — a controversial accounting rule for banks holding digital assets — was perceived as a hostile gesture by the industry. On the other hand, voices within the administration itself argue for a more constructive approach, recognizing that the United States risks losing its technological leadership if crypto innovation migrates en masse.

The issue of vacant seats at the SEC and CFTC is therefore crucial. If the administration appoints commissioners favorable to balanced regulation, the Clarity Act could benefit from a more supportive regulatory environment. Conversely, maintaining a repressive approach could strengthen industry opposition and fuel the already massive lobbying campaign.

MiCA Shifts into Higher Gear: Crypto Custodians Under Pressure

While the United States still debates the ideal regulatory architecture, the European Union has entered a phase of concrete enforcement of its MiCA regulation. Adopted in 2023 and gradually taking effect, this comprehensive regulatory framework aims to harmonize rules for digital assets across the 27 member states. But although MiCA has been hailed as a major step forward — with Europe taking a lead over the rest of the world in crypto regulation — analysts stress that “the MiCA license is only the beginning.”

Concretely, the enforcement phase of the regulation is beginning to be felt, and crypto custodians — companies that safeguard and store digital assets on behalf of clients — are on the front line. After months spent obtaining MiCA licenses, digital asset custodians now face increased operational and prudential requirements. National regulators, coordinated by the European Securities and Markets Authority (ESMA), are multiplying inspections and compliance requests.

This intensification of oversight comes amid rapid growth in the market for euro-denominated stablecoins. According to available data, euro stablecoin issuance has increased by 128% in recent months, an indicator of growing digital asset adoption in Europe. This expansion raises questions about custodians’ ability to handle sharply rising volumes while adhering to MiCA’s enhanced requirements on asset segregation, reporting, and risk management.

Crypto custodians must specifically demonstrate their capacity to protect client assets in the event of bankruptcy — a concern that became paramount after the dramatic collapse of FTX in 2022. European regulators demand tangible proof of effective custody arrangements, regular audits, and greater transparency on reserves. For smaller players, the compliance burden may prove unsustainable, accelerating sector consolidation.

As several observers summarize, Europe has shown the way on crypto regulation, but implementation must now match the stated ambitions. The coming months will be decisive in determining whether MiCA strikes the right balance between investor protection and support for innovation.

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