According to CoinMeta, the U.S. Senate will not make further progress on legislation regarding the structure of the crypto market during the August recess and is expected to resume discussions in mid-September. Senate Majority Leader John Thune has submitted a procedural request for the Clear Act, and potential progress is anticipated next month. This bill would assign regulatory authority over digital assets to the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC). However, the bill faces opposition from traditional financial giants and banking associations, who believe it could threaten financial stability and lead to a drain of bank deposits into stablecoins. Brian Armstrong, CEO of Coinbase, stated that there has been disappointing progress on the Clear Act this month. He emphasized that Congress still has important work to do, and a clear federal market structure law would unlock more investment, innovation, and job opportunities while providing consumers with the necessary protections. As opposition from the banking industry to the bill intensifies, investor confidence in the Clear Act passing this year has declined, from 82% in February to the current 25%.