The events of the past 24 hours are far more than just a voting controversy. It resembles a direct confrontation between the native forces of crypto and the traditional financial system at the congressional level—both sides' bottom lines have been exposed.

Based on the latest developments in Washington and market reactions, let's review this sudden "shutdown" and the underlying strategic game.

**What exactly happened within 24 hours?**

From "expected to pass" to "agreement breakdown," the turning point was on the eve of the vote. Many thought the Digital Asset Market Clarity Act (CLARITY Act) was a guaranteed compromise plan. But what happened? The fragile coalition collapsed at the last moment.

**Key turning point: Industry giants suddenly switch sides**

Less than 24 hours before the vote, major exchanges like Coinbase withdrew their support for the bill. Such a situation is rare in Washington—usually, by the time it reaches committee votes, the interests of all parties have already been settled.

Why the sudden reversal? It's simple—they discovered that the final version of the bill secretly included a "poison pill clause."

**The real battleground: Stablecoin interest rights**

According to leaked draft content, this deadly clause is the result of strong push from the traditional banking sector: banning non-bank issued stablecoins (like USDC) from paying yields to users.

The banking industry’s idea is straightforward. If stablecoins can offer interest like bank deposits, but with more flexible operations and higher efficiency, who would still keep their money in traditional bank accounts? For the entire traditional financial system, this is a survival threat. So they mobilized lobbying efforts to legally block this pathway.

As a result, the compromise between the industry and banks has broken down. This is not only a policy-level contest but also a reflection of the deep-seated contradictions between two financial systems—who will hold the dominant voice in the digital financial era.