Clarity Act Passage Odds Plummet Amid Senate Deadline and BTC ETF Outflows

Galaxy Research has lowered its odds for the passage of the Clarity Act to just 30% as Senate time runs out. The bipartisan legislation, which aims to redefine consumer protection in crypto, is facing opposition from Democrats who warn of DOJ overreach on enforcement.

In a surprising move, Goldman Sachs CEO David Solomon expressed his support for the bill, saying it 'is not perfect' but necessary for the industry's growth. However, other financial organizations have criticized the Clarity Act's provisions on stablecoin rules.

Meanwhile, U.S.-listed spot Bitcoin ETFs recorded $225.2 million in net outflows on July 23, ending a streak of seven consecutive trading sessions of net inflows.