The CLARITY Act just passed the House with *78* Democrats voting in favor. Insane turnout; overwhelming bipartisan support; far, far better than lawmakers and crypto policy leaders had anticipated. "This is bonkers," one crypto policy leader, who had expected a much more meager showing, just told me.

Hearing order of the 3 crypto votes on the House floor this afternoon will be: CLARITY, then GENIUS, then the anti-CBDC bill. Start with the most potentially painful vote and go from there...

🚨 NEW: Rep. Sam Liccardo (D-CA), a pro-crypto Dem representing Silicon Valley, just told me he's voting *against* the CLARITY Act this week, and expects other Dems in the "crypto-friendly cabal" to do the same Why? Liccardo says he wasn't even holding out for conflict of interest language in the bill about President Trump. He said he knew that would be unrealistic. He said he just wanted "a very modest approach to self-regulation" for DeFi, that "would inform consumers about which DeFi service providers are meeting best practices." Liccardo said House Republicans refused to budge on CLARITY's language, however, and though he wanted to get to yes, he now says he has no choice but to vote against CLARITY. He still plans to vote for GENIUS.

🚨NEW: DeFi leaders are coming out swinging against the CLARITY Act, saying the bill would “continue the trend of forcing DeFi developers overseas." Top DeFi stakeholders tell me they’ve held their tongue about the bill for months, but now feel they have no choice but to go public with their concerns, given a final House vote is coming as soon as tomorrow. Elements of how the bill treats DeFi are “really problematic” and “impossible” for software developers to comply with, one DeFi policy expert told me. Another top lobbyist told me DeFi leaders have refrained from whipping votes for CLARITY on the Hill because the bill will boost major crypto corporations, but “leave developers in the lurch.” These DeFi players have been vaguely supportive of the bill in public, but privately, have major, fundamental issues with it. “This is a bill written by and for the big companies in crypto, which feels antithetical to the industry.”

🚨NEW: Timeline is emerging for House votes on major crypto bills this week. I’m hearing Wednesday late afternoon, 4 or 5 pm, is the target for final votes on CLARITY (market structure) and the anti-CBDC bill. Then final vote on GENIUS Act (stablecoins) around 10 am on Thursday. Makes sense, Rs putting CLARITY before GENIUS, so the tougher pill to swallow for Dems comes first. They can’t pass GENIUS and then wash their hands of things…

🚨NEW: This morning, the Senate Banking Committee will hold a hearing on crypto market structure legislation. I’m hearing Elizabeth Warren, top Dem on the committee, will announce she would support a bill if it meets these 5 criteria: “1. Protecting our bedrock securities laws; 2. Providing basic investor protections; 3. Preserving our financial stability; 4. Requiring crypto actors to implement commonsense anti-money laundering and sanctions enforcement programs; and 5. Stopping public officials including the president, vice president, and Members of Congress from issuing, sponsoring, or endorsing crypto tokens.” Ofc, that 5th one is likely a deal breaker for Republicans (to say nothing of the others and what they’d entail). More to come from inside the hearing at 10:15 am ET

🎉 Congratulations to Decrypt Senior Writer and White House correspondent @s_lutz95 for winning the @ACJRnetwork award for Best Scoop of 2024!

Trump’s 'Big Beautiful Bill' May Get a 'Hail Mary' Bitcoin Tax Exemption ►

Chatting DC, politics and Bitcoin with @s_lutz95 today

🚨NEW: I just asked President Trump in the Oval Office whether he's planning on signing an executive order targeting debanking, which crypto leaders and the Trumps alike say negatively impacted them during the Biden admin. Trump put the blame for such "nasty" behavior on regulators, not banks, and said that while he believes the Biden admin was mostly responsible for pressuring banks to deny services to certain clients, that the problem persists. "I can tell you, because I've been a victim myself, because of my politics, that big banks were very nasty to us. And I actually think it was Biden's people that told him to be because the one group of people the banks are afraid of are the regulators. They are petrified of the regulators. And I've seen the biggest banker, I can tell you, you see him on television all the time, if a regulator walked into the room, he gets all nervous and crazy. They're afraid of the regulators. "If the Biden people order the banks to be virtually closed. They can do anything they want. The regulators control the banks. It's not the president of the bank. The president of the bank is far less important to a bank than a regulator, and a regulator can put that bank out of business." Trump declined to say whether he believes an EO is needed at this point to solve the problem, but implied the problem persists to this day, even after he retook office. "When they tell the regulator to go and make life impossible for big banks or little banks. They really control it. So there is a lot of debanking. Those people are very bad and very dangerous, and they shouldn't be doing it."