CLARITY Act · Democrats · Bitcoin Magazine
TD Cowen said one likely outcome was for cloture to pass initially in September but then for Republicans to block
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It added that it was also likely no cloture vote ever happens.
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. 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. 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.