IREN Stock Plunges as Clarity Act Approval Odds Sink to 37%

IREN Ltd stock took a hit on Friday, dropping 6.13% to $35.91, as regulatory delays for the CLARITY Act weighed heavily on investor sentiment.

A report from JPMorgan Chase & Co analysts led by Nikolaos Panigirtzoglou estimated that approval odds for the Clarity Act at 37%, citing the threat of tokenization and blockchain-based applications being absorbed by incumbent market infrastructure rather than public crypto networks.

Sen. Cynthia Lummis (R-WY) expressed frustration on X, stating 'I genuinely don't know what else my Democrat colleagues need before we act.'

Bitwise Chief Investment Officer Matt Hougan predicted that the industry would be too big to kill two years from now, saying 'The genie's out of the bottle.'