The Digital Asset Market CLARITY Act, formally H.R. 3633, faces competing pressure as President Donald Trump reportedly urges Congress to pass it by September 15 while BitMEX co-founder and Maelstrom CIO Arthur Hayes calls for a presidential veto. Hayes argues that Bitcoin’s value is driven by global fiat-money supply rather than regulation and that institutionalizing the asset could weaken its decentralized design. The bill would establish digital-asset jurisdictional boundaries between the SEC (U.S. securities regulator) and CFTC (U.S. derivatives regulator). It passed the House 294-134 in July 2025 and the Senate Banking Committee 15-9 in May 2026, but disputes over ethics language and reports that Trump earned more than $1.4 billion from crypto-related activities have slowed its progress. Market pricing currently assigns a 14.5% probability that the bill will become law by January 1, 2027, broadly consistent with earlier estimates of 13%-18%.