Bitcoin price drops below $70,000 again due to geopolitical risks and market caution. Trump's warning to Iran has increased market uncertainty, and high oil prices are affecting investor confidence, despite institutional continued buying of Bitcoin. Market sentiment remains cautious, with investors paying attention to U.S. CPI data and the progress of the CLARITY Act.

The CLARITY Act is progressing slowly in the U.S. Senate, mainly due to disagreements over stablecoin yield mechanisms. Senators are seeking a compromise, but the banking industry remains cautious, hoping to pass legislation before the 2026 elections. Time is tight, and whether the bill will pass remains uncertain.

On March 11,, CEX Chief Legal Officer Paul Grewal questioned the proposed amendments to the CLARITY Act on the X platform, pointing out that the banks' claims about the risks of deposit outflows lack evidence and could harm retail investors' interests. Meanwhile, Patrick Witt, Executive Director of the U.S. Digital Asset Advisory Committee, emphasized that the bill should continue to support innovation and oppose turning it into an anti-competition law.

U.S. senators are working to pass a bipartisan compromise on stablecoin yield issues to advance the stalled Cryptocurrency Market Structure Act CLARITY. The banking industry has expressed concerns, believing it could impact deposits. Both sides may need to compromise, exploring a balance between innovation and preventing deposit outflows.

Senator Alsobrooks stated at the Washington American Bankers Association Summit that in order to advance the Stablecoin Regulation Act, the "Clear Act," all parties need to compromise, emphasizing that the overall goal is more important than perfection. She is working with Senator Tillis to seek a balanced solution that protects deposits and promotes innovation.

Gate News Report, March 10 — According to Santiment data, due to war panic and uncertainty surrounding the "Clarity Act," traders are inclined to heavily short, with Bitcoin short positions significantly exceeding long positions.

Trump stated at the Florida conference that he will refuse to sign any other laws until the "SAVE America Act" is approved by Congress, which addresses issues such as voter identification. This stance could impact the progress of legislation related to the cryptocurrency industry. At the same time, Trump has prioritized crypto regulation but currently considers the voter identification bill as the top priority.

Wyoming Senator Cynthia Lummis is advocating for a proposal to exempt small cryptocurrency transactions from taxation while discussing the Digital Asset Market Structure Act. She proposed establishing a $300 tax-free allowance, allowing users to trade cryptocurrencies without paying capital gains tax, aiming to address the issue of when taxes should be applied during transactions. The proposal has not yet gained support from her Democratic colleagues.

Gate News Announcement: On March 9, the Financial Intelligence Unit (FIU) of South Korea issued a preliminary notice to a certain CEX for suspected violations of the "Specific Financial Transaction Information Act," engaging in transactions with unreported overseas virtual asset service providers, and inadequate KYC procedures. The exchange has been temporarily suspended for "6 months with partial operation." Responsible personnel will be held accountable. This restriction mainly affects the virtual asset withdrawal function for new users. Existing users' KRW and crypto asset deposits, withdrawals, and trading are temporarily unaffected.

Former CFTC Chairman Giancarlo pointed out that the U.S. Digital Asset Market Clarity Act has stalled due to disputes over rewards paid to crypto companies, making the demand for this legislation even more urgent among banks. He warned that if the impasse continues, crypto businesses might shift to Europe and Asia.