CLARITY Act · Republicans · US Senate · Decrypt
Beacon Policy Advisors raised its estimate to 30%-40% from below 10% to 30%-40%
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The latest proposal would also let the Treasury restrict stablecoin rewards if they cause substantial withdrawals from community banks.
Key facts
- Beacon Policy Advisors raised its estimate to 30%-40% from below 10% to 30%-40%
- The Clarity Act would establish federal rules for digital assets and clarify the responsibilities of the Securities and Exchange Commission and Commodity Futures Trading Commission
- If Congress fails to pass the Clarity Act, the CFTC plans to pursue crypto rules using powers it already
- Cynthia Lummis (R., Wyo.), chair of the Senate Banking Subcommittee on Digital Assets, urged Democrats to back the revised bill, saying Republicans had addressed their demands
Summary
Bernstein says markets have not priced in a positive surprise on the Clarity Act. Analysts disagree on the prospects for passage ahead of Tuesday’s procedural vote. Crypto markets may be underestimating progress on the Clarity Act after Republicans offered concessions on ethics and banking concerns, Bernstein analysts said ahead of a Senate procedural vote tomorrow. “We reckon any positive surprise is definitely not priced in,” analysts led by Gautam Chhugani wrote in a client note on Monday. The Clarity Act would establish federal rules for digital assets and clarify the responsibilities of the Securities and Exchange Commission and Commodity Futures Trading Commission.