The latest twist in Washington’s crypto saga landed this week, and it’s not a clean one. Congress moved a bill banning a Federal Reserve-issued central bank digital currency until 2030, but President Trump has not yet signed it, leaving the fate of a CBDC in limbo. Adding to the friction, the CLARITY Act—a sweeping stablecoin and market structure proposal—has been scheduled for a July hearing, according to a Santiment market note published on Thursday. The timing is starting to look like a fork in the road for U.S. digital asset policy.

The uncertainty comes as banking interests mount a last-ditch effort to reshape major crypto legislation, with a fight brewing just days before a Senate vote, as previously covered by…