CLARITY Act Gains Momentum, Raises Concerns Ahead of Senate Vote
The CLARITY Act has gained new momentum on Wall Street as Senate Republicans reach a compromise on ethics provisions and other Democratic demands.
Bernstein analysts, led by Gautam Chhugani, project that legislators will make more progress than markets have been expecting. They see room for an upside surprise for Bitcoin and the crypto market, stating 'any positive surprise is definitely not priced in.'
The updated CLARITY Act text will change the treatment of non-controlling blockchain providers and development teams, exempting them from registration requirements just for certain activities.
However, the deletion of a certification clause in Section 1960 has raised concerns about increased legal uncertainty for developers. This comes just before the Senate's vote on September 15.