Clarity Act Still Has Path Forward Despite Setbacks

Despite months of setbacks, the Clarity Act still has a path forward according to Galaxy Digital CEO Mike Novogratz. In a recent post on X, Novogratz stated that 'Clarity isn't dead!! Lots of negotiating over the weekend.' He believes the bill will make it to the Senate floor.

The main obstacle is the legislation's government ethics language, which needs approval from the White House. This issue is critical for the bill's passage and has been a major point of contention.

Lawmakers have until September 15th to pass the Clarity Act in its current form. The stakes are high as there is only a narrow legislative window before the midterms. If the bill fails, it may be another two years before comprehensive federal protections for cryptocurrency users are put into place.