The U.S. Senate Banking Committee will hold a key vote on the "Digital Asset Market Structure Act (CLARITY Act)" at 23:00 Beijing time on Thursday, January 15. Although the Agriculture Committee has postponed its review to the end of January due to disagreements over DeFi-related definitions and bipartisan consensus issues, there is no denying that this is the most important crypto regulation bill since the "GENIUS Act."

This article will deeply analyze the current core controversies of the bill: from the banking sector’s "deposit protection war" over high-yield stablecoins, to whether DeFi developers should be held criminally responsible for "code," and to the political tug-of-war over the "moral clauses" involving the Trump family. It can be said that this is not only a legislative vote but also a direct confrontation between traditional financial powers and decentralized mechanisms, and its outcome could determine the future development direction of the global crypto market over the next decade.