Crypto
CLARITY Act Failure Paves Way for Regulatory Action
The CLARITY Act, which aimed to set federal rules for digital assets in the US, has failed to advance in the Senate. The bill fell short of the 60 votes needed to move forward, receiving only 49 votes in a procedural vote.
Despite this setback, Michael Saylor, Executive Chairman of Strategy, remains optimistic about Bitcoin's prospects. He believes that regulators can continue developing crypto rules under their existing legal authority without waiting for Congress.
Saylor predicts that banks will expand Bitcoin custody services and offer more Bitcoin-backed loans, bringing in more capital to the asset.