US Crypto Bill Hits Roadblock as Market Rebound Fueled by Global Adoption

Crypto is recovering due to its increasing adoption in countries outside the United States, according to Tom Lee, chairman of Bitmine. He attributes this momentum to the passage of CLARITY Act-like bills in Europe, Japan, and Russia, which has spurred market growth.

Lee believes that when a similar bill is passed in the US, it will supercharge the market, transforming money into software. This 'programmable software layer of money' will enable various assets, such as loyalty points and reputation, to behave like traditional currencies, especially in the hands of AI agents.

BlackRock's Senior Managing Director and Global Head of Market Development, Samara Cohen, echoed Lee's sentiments, stating that the CLARITY Act is an 'important step toward establishing a regulatory framework for digital assets that puts investors first.'

The bill has passed the House with bipartisan support but faces opposition in the Senate due to ethics provisions. Senate Majority Leader John Thune expressed doubts about passing the bill before the summer recess, citing the difficulties of completing procedural steps.