Crypto: The Senate schedule adjusts for the CLARITY Act
The most anticipated crypto bill in the U.S. is losing traction. Galaxy Digital now estimates a 60% chance of the CLARITY Act's adoption, down from 75%. The reason: a U.S. Senate facing an increasingly packed agenda.
In brief
Galaxy Digital lowers the odds of the CLARITY Act's adoption to 60%.
The main hurdle is the tight schedule of the U.S. Senate.
The crypto sector is still waiting for a coherent federal regulatory framework.
The CLARITY Act loses momentum in Washington
Galaxy Digital's head of research, Alex Thorn, revises his estimates down on the adoption of the Crypto Clarity Act. He points out the lack of available days before the August parliamentary break.
Delayed a month ago, the crypto text still needs to:
get 60 votes in the Senate;
pass through debates and amendments in a plenary session;
align with the version from the Senate Agriculture Committee;
get through the House of Representatives.
However, the Senate has lost several weeks managing other priorities. We are specifically referring to funding for ICE and border patrols. Additionally, there’s the failure to reauthorize Section 702 of FISA, rejected by 47 votes to 52. This issue now monopolizes the agenda for next week.
Result: the useful window before August shrinks to just a few days in July. Not enough for such a complex crypto bill, without a clear commitment from Senate leader John Thune.
$ICP
$ACT
$THETA
#Clarity
The most anticipated crypto bill in the U.S. is losing traction. Galaxy Digital now estimates a 60% chance of the CLARITY Act's adoption, down from 75%. The reason: a U.S. Senate facing an increasingly packed agenda.
In brief
Galaxy Digital lowers the odds of the CLARITY Act's adoption to 60%.
The main hurdle is the tight schedule of the U.S. Senate.
The crypto sector is still waiting for a coherent federal regulatory framework.
The CLARITY Act loses momentum in Washington
Galaxy Digital's head of research, Alex Thorn, revises his estimates down on the adoption of the Crypto Clarity Act. He points out the lack of available days before the August parliamentary break.
Delayed a month ago, the crypto text still needs to:
get 60 votes in the Senate;
pass through debates and amendments in a plenary session;
align with the version from the Senate Agriculture Committee;
get through the House of Representatives.
However, the Senate has lost several weeks managing other priorities. We are specifically referring to funding for ICE and border patrols. Additionally, there’s the failure to reauthorize Section 702 of FISA, rejected by 47 votes to 52. This issue now monopolizes the agenda for next week.
Result: the useful window before August shrinks to just a few days in July. Not enough for such a complex crypto bill, without a clear commitment from Senate leader John Thune.
$ICP
$ACT
$THETA
#Clarity