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U.S. Senator John Curtis from Utah, a Republican, wrote to Chuck Grassley, the Chairman of the U.S. Senate Judiciary Committee, and Dick Durbin, the Chief Minority Whip, calling for an investigation into whether Donald Trump Jr. and Hunter Biden exploited their presidential family connections for personal financial gain, and requested subpoenas for both individuals. Curtis pointed out that Donald Trump Jr. had accepted wedding gifts from Russian oligarch Umar Kremlev, actively promoted family-backed cryptocurrency ventures, and served as an advisor for a prediction market platform; the related companies are regulated by the Commodity Futures Trading Commission. Donald Trump stated that his son has returned the relevant funds to Umar Kremlev.Curtis also called for an investigation into Hunter Biden's substantial business dealings with foreign entities, as well as whether the two utilized their relationship with the president to create commercial value. He mentioned that Joe Biden pardoned Hunter Biden in December 2024, who had previously denied involving his father in business transactions. A week prior to this investigation call, Senate Republicans failed to garner enough Democratic support to advance the Digital Asset Market Clear Act. Some Democratic senators opposed the bill, citing reasons including Donald Trump's use of cryptocurrency ventures to gain benefits related to the presidency; Donald Trump disclosed that he earned $1.4 billion from digital asset-related businesses in 2025.

Crypto In America host Eleanor Terrett posted on X that after the failure of the Clarity Act, the crypto industry's super political action committee Fairshake is preparing to make its largest expenditure this year, investing $30 million to oppose Sherrod Brown's re-election campaign for senator.If Brown successfully returns to the Senate, he may regain his qualifications and serve as the chairman or a senior member of the Senate Banking Committee. This news was first reported by The New York Times and confirmed to Eleanor Terrett by a Fairshake spokesperson.

U.S. Republican Senator and Wyoming Federal Senator Cynthia Lummis stated: The Democrats had previously requested that any cryptocurrency project raising more than $25 million from the public provide audited financial statements, and this requirement has been written into the bill.Lummis noted that the Democrats voted against the transparency they had requested. Lummis has served as a Federal Senator from Wyoming since 2021, having previously served as a member of the U.S. House of Representatives from 2009 to 2017.

Crypto In America host Eleanor Terrett reported that seven Democratic senators, including Kirsten Gillibrand, Mark Warner, Ruben Gallego, and Angela Alsobrooks, stated that they are "committed to passing the Clarity Act in a bipartisan manner."This statement comes as both sides are making initial efforts to restart bipartisan negotiations and assess the willingness of all parties to return to the negotiating table and push for the passage of the Clarity Act before the end of the year. This information comes from three informed sources.

According to a report by Reuters, U.S. Senate negotiators are discussing legislation that would require artificial intelligence companies to demonstrate that they are taking reasonable precautions to prevent their tools from causing harm. The proposal aims to grant the U.S. Secretary of Commerce the authority to require developers to provide proof of reasonable steps taken to prevent harm, referred to as "duty of care," and to authorize the dispatch of government auditors to test relevant products. Reuters was unable to immediately determine what constitutes "reasonable," and the related legislation is still under discussion.Even if Congress passes the measure, its prospects of becoming law still face significant resistance. U.S. President Donald Trump stated on Monday that existing authorities are sufficient to regulate and prosecute technology companies, suggesting that he would not sign a bill that sets new rules for artificial intelligence. Senate Majority Leader John Thune, Senate Commerce Committee Chairman Ted Cruz, and Democratic Senator Amy Klobuchar, who is involved in the negotiations, are discussing the proposal. Thune told reporters on Monday that Congress could set safeguards against more significant threats without compromising the U.S.'s leading position in the artificial intelligence race.Klobuchar stated in a statement that she is continuing to push for bipartisan legislation to oversee the greatest risks posed by artificial intelligence models, including requiring developers to work with government experts to validate and test models to ensure safety. Senior Democratic member of the Commerce Committee Maria Cantwell is also involved in the discussions. Reuters reported on Friday that negotiators are also discussing the possibility that if the government determines that certain artificial intelligence models are unsafe and wishes to prevent their release, it could be brought to federal court, where companies could challenge that decision. The portion of the measure involving federal courts would also prevent states from enforcing their own laws regarding specific risks associated with artificial intelligence models.

U.S. Senator Cynthia Lummis stated that the recent lawsuit against Tether for freezing $42.4 million in USDT highlights the regulatory gaps in the current crackdown on illegal financial activities in the cryptocurrency industry. She pointed out that stablecoin issuers and trading platforms may face civil litigation risks if they freeze related assets due to suspicions of illegal activities.Lummis indicated that Section 305 of the "Digital Asset Market Structure Clear Act" would grant stablecoin issuers and trading platforms the necessary authority to promptly freeze stablecoins suspected of being involved in illegal activities while avoiding civil liability as a result.She believes that this provision can help the cryptocurrency industry more effectively prevent the flow of illegal funds and address the legal risks faced by issuers and trading platforms when taking compliance measures.

U.S. Senator Cynthia Lummis stated that if the Clarity Act fails to pass in this Congress, the next real opportunity to reintroduce market structure legislation will not come until 2030. Completing this work now could prevent wasting job opportunities, investments, and tax revenue in the coming years.

U.S. Republican Senator Bernie Moreno from Ohio urged the U.S. Trade Representative to consider imposing tariffs on South Korea due to its treatment of the American e-commerce company "Coolpeng." Moreno pointed out in his letter that Seoul takes hostile actions against foreign companies, including heavy compliance requirements and biased regulatory enforcement, and requested an investigation under Section 301 of the Trade Act of 1974. South Korea denies discriminating against Coolpeng compared to domestic companies.

Nick Timiraos, the chief economic reporter for The Wall Street Journal and known as the "mouthpiece of the Federal Reserve," recently wrote that Federal Reserve Chairman Kevin Warsh is facing intense scrutiny from Congress. On Wednesday local time, four members of the Senate Banking Committee, led by Senator Chris Van Hollen, jointly sent a letter to Warsh, demanding that he publicly disclose all communication details with President Donald Trump.Earlier reports indicated that Warsh had maintained frequent phone contact with Trump since taking office, but the publicly available schedule from the Federal Reserve does not record any related calls during Warsh's early days in office. Lawmakers believe that this "selective transparency" could raise concerns about government interference in monetary policy.Kevin Hassett, the director of the White House Council of Economic Advisers, previously stated that Warsh has long engaged in economic discussions with Trump but claimed that Trump would not pressure the Federal Reserve. Trump later denied the related reports, stating that he had only had a brief conversation with Warsh a few days prior.Currently, the Federal Reserve has stated that it will continue to delay the disclosure of the chairman's schedule according to established rules. The market is watching to see if Warsh will provide additional information and whether this matter will affect public confidence in the independence of the Federal Reserve.

U.S. Democratic Senator Warren asked Treasury Secretary Basent to explain the basis for the Trump administration's intervention in the yen. In a letter dated August 13, Warren pointed out that the government has not provided detailed justification and has not disclosed how much money was used to purchase yen.Basent confirmed that the U.S. and Japan jointly intervened in the foreign exchange market for the first time since 1998 to support the yen, but did not specify the amount of funds.

According to CoinDesk, U.S. Senator Elizabeth Warren stated that she supports pushing for cryptocurrency-related legislation but does not support the current CLARITY Act, believing that the bill fails to adequately address key issues such as corruption, consumer protection, national security, and economic risks.Warren pointed out that the crypto industry needs a clear regulatory framework, but the regulatory plan must ensure investor rights and the safety of the financial system. She believes that the CLARITY Act is lacking in preventing conflicts of interest, protecting consumers, and reducing potential systemic risks.The CLARITY Act aims to further clarify the division of regulatory responsibilities for the U.S. digital asset market, establishing a clearer legal framework for cryptocurrency asset trading, issuance, and market participants. Supporters believe that the bill helps enhance industry certainty and promote innovation.However, some Democratic lawmakers, including Warren, have previously expressed concerns about cryptocurrency regulatory legislation, arguing that some proposals could weaken the power of regulatory agencies and create regulatory arbitrage opportunities for large crypto companies.Warren has long taken a cautious stance on crypto assets, focusing on consumer protection, financial stability, and the risks of illegal activities in the crypto market. This statement indicates that U.S. cryptocurrency regulatory legislation still faces a struggle between the two parties and different interest groups.

Democratic Senators Elizabeth Warren and Richard Blumenthal sent a joint letter to SEC Chairman Paul Atkins on Monday, requesting an investigation into whether the Trump-related Meme coin violates securities laws. The two senators cited reports indicating that since the launch of the Trump Meme coin in January 2025, nearly 1 million crypto wallets have incurred losses totaling approximately $3.81 billion. They accused Trump of potentially being involved in a "Rug pull" and requested the SEC to determine whether there are fraudulent arrangements or violations of securities laws.Warren and Blumenthal stated that despite the token being promoted by Trump's own public statements, its price has significantly declined, and it is necessary for the SEC to investigate whether there is a fraudulent scheme and to prevent the continued extraction of immense value from hundreds of thousands of investors. At the time of this letter, the White House is evaluating the latest ethical compromise regarding conflicts of interest related to Trump's crypto business. This compromise is seen as key to advancing the "Clarity Act" crypto market structure bill. A previous version of the draft, endorsed by Trump, faced Democratic opposition because it only restricted public officials and their spouses from issuing or sponsoring digital assets, did not cover other family members, and was to be enforced by the Department of Justice.The two senators also stated that Trump has a "keen interest" in encouraging supporters to trade his Meme coin and claimed that Trump has earned $636 million from this Meme coin. As the Senate is set to enter its August recess on Friday, with the focus shifting to the November elections, whether the "Clarity Act" can advance in the short term still depends on whether both parties can reach a consensus on the conflicts of interest related to Trump’s crypto dealings.

According to CoinDesk, U.S. Senator Bill Hagerty is urging the Senate to pass the CLARITY Act (Digital Asset Market Structure Act) as soon as possible, stating that the U.S. cannot fall behind in the digital asset space. He believes that establishing a clear regulatory framework is crucial for promoting innovation in U.S. digital assets and maintaining global competitiveness.The CLARITY Act aims to clarify the division of regulatory responsibilities in the U.S. digital asset market, providing a more defined rules framework for the crypto industry. Currently, the bill is awaiting further review by the Senate.

According to CNN, U.S. Democratic Senators Elizabeth Warren and Richard Blumenthal have requested the U.S. Securities and Exchange Commission (SEC) to investigate the Meme coin TRUMP issued by Trump, to confirm whether the project involves fraud or improper profit-making. In a letter to SEC Chairman Paul Atkins, the two stated that the Trump Meme coin project "may constitute an illegal scam" and urged the regulatory agency to investigate whether the token involves "illegal fraudulent activities or facilitates improper profit acquisition."Reports indicate that Trump launched his personal Meme coin TRUMP just days before his inauguration in 2025. After the token went live, its price surged, reaching a market value peak of approximately $9 billion on January 19, 2025, but then plummeted significantly. Currently, the market value of the token has fallen to less than $400 million, a decline of over 95% from its peak. According to data from the cryptocurrency data platform CoinMarketCap, investors who bought at the high are currently facing about a 97% loss. Blockchain analytics firm Nansen previously cited data showing that by the end of June, nearly 1 million investors had incurred losses due to this Meme coin, with total losses amounting to approximately $3.8 billion. About 80% of the supply of the Trump Meme coin is held by entities related to the Trump Organization. Trump has previously stated that he complies with the law and allows his family to manage personal financial matters.Elizabeth Warren and Richard Blumenthal emphasized in their letter whether the project is similar to a Rug Pull in the cryptocurrency industry. They believe that even if it is not a traditional sudden withdrawal scam, it may still fall under a "soft pull" that leads to investor losses through a gradual withdrawal of market support. The SEC has not yet commented on this matter.

U.S. Senator Cynthia Lummis posted on the X platform, stating that the current version of the cryptocurrency market structure bill requires President Trump to sell his digital assets or transfer them into a blind trust, becoming one of the focal points of negotiation. Several Democratic lawmakers are concerned that the bill will weaken their narrative of attacking Trump for "crypto corruption" in the midterm elections, and thus hold a cautious attitude towards advancing the legislation.Supporters emphasize that the bill also covers ethical standards for the President, Vice President, members of Congress, and the federal judiciary, and will provide a clearer regulatory and protective framework for investors in the event of bankruptcy of cryptocurrency trading platforms.

According to Cointelegraph, U.S. Senate Minority Leader Chuck Schumer has officially proposed the Anti-Corruption Bureau Creation Act, which aims to establish a new government agency dedicated to addressing corruption at the federal level. The bill specifically names Trump, citing his disclosed investment earnings of over $2 billion in 2025 (of which $1.4 billion is related to cryptocurrency), as well as his family's holdings in cryptocurrency funds linked to foreign governments totaling over $1 billion.The proposed agency will consist of 7 bipartisan members, who will take office upon confirmation by the Senate, and will have "substantive powers" to investigate, enforce, and prevent administrative corruption, integrating the Federal Election Commission, the Office of Government Ethics, and the Office of Special Counsel under one roof. Senators Andy Kim, Alex Padilla, and Jeff Merkley jointly proposed the measure. White House Deputy Press Secretary Anna Kelly responded that Trump's investments "are held in a fully managed account by an independent third-party financial institution, with no conflicts of interest."

According to Bitcoin.com, U.S. Senator Cynthia Lummis is pushing for the CLARITY Act to complete Senate voting before Congress goes into recess. Article 303 of the bill grants the Treasury Department the authority to impose targeted sanctions on digital assets in foreign jurisdictions, while Article 305 allows exchanges to freeze suspicious transactions for up to 180 days.On-chain data shows that North Korea's Lazarus Group stole approximately $643 million in the first half of 2026, accounting for two-thirds of the total amount stolen in cryptocurrency globally during the same period ($972 million), which includes a $285 million attack on Drift Protocol in April and a $292 million attack on the KelpDAO cross-chain bridge. The organization has accumulated a total theft of $6.75 billion since 2019.Currently, Galaxy Research has lowered the probability of the CLARITY Act passing in 2026 to 30%. The bill still requires 60 votes to advance, meaning at least 7 Democratic senators need to cross party lines to support it.