Senate Clarity Act Odds Plummet to 30%

The Clarity Act's chances of passing before August recess have been downgraded by Galaxy Research to just 30%. The Senate is running out of time, and the votes needed for approval are not yet secured.

Last Wednesday saw the publication of the final text of the bill, but despite this milestone, there remains significant opposition from some lawmakers. A group of Democratic senators who generally support crypto legislation have rejected the latest draft, published on July 22 by Senate Republicans, arguing that its provisions would give too much power to the Department of Justice in terms of enforcement.

Not all voices are opposed to the bill, however. Goldman Sachs CEO David Solomon has expressed his support for the Clarity Act, stating it is 'not perfect' but acknowledging the need for clarity in crypto regulation.