CLARITY Act · Democrats · Bitcoin Magazine
The long-awaited crypto market structure bill isn't dead — but chances it passes are slim, the bank said
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Investment bank TD Securities has said that the long-awaited crypto Clarity Act has a slim chance of getting passed in a Monday note, citing last week’s delay and potential stalling from the Democrats.
Key facts
- The bank said that now the bill won’t be passed before the summer, it only has a 25% of getting passed in September
- The latest draft of the Clarity Act contains language, drafted by Democrats and Republicans, banning government officials from promoting or making money from crypto
- Still, Democrats like Senator Elizabeth Warren, who has from the beginning criticized the Clarity Act, have claimed that new legislation will benefit the president and his family
- Major financial institutions, not crypto companies, have backed the bill, including Goldman Sachs and Fidelity, as well as law enforcement groups
Summary
The long-awaited crypto market structure bill isn't dead, but chances it passes are slim, the bank said. The bank said that now the bill won’t be passed before the summer, it only has a 25% of getting passed in September. Lawmakers were hoping a crucial vote on the long-awaited crypto market structure bill was to go ahead before a five-week recess but news dropped last week that there was a delay and now the Senate will vote on the bill in September. “The bill is not dead, but the path forward is harder,” the bank said.