Crypto Market Underestimates Chances of US Clarity Act Progress
The cryptocurrency market may be underestimating the chances of progress on the U.S. Clarity Act, an analysis by Bernstein suggests.
The bill aims to establish federal-level rules for digital assets and clarify the authority of the SEC and CFTC.
A Republican amendment has been proposed, which revises ethics-rule enforcement and stablecoin rewards, raising the chances of the bill passing.
Democrats have previously expressed concerns over public officials' cryptocurrency holdings and stablecoin rewards, but the new amendment addresses these issues.
Senator Cynthia Lummis has publicly urged Democratic support for the bill, stating 'After a year of intense bipartisan daily negotiations, this bill is ready. Democrats got what they wanted, and now they should respond with a yes.'