JPMorgan · CLARITY Act · US Senate · Democrats · The Block
The agencies could introduce rules that provide some clarity for crypto companies and encourage more capital to enter the sector
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"While agency rulemaking may establish some guardrails to appease the crypto-ecosystem and instill some confidence into incremental capital flows, The Block acknowledge that agency rulemaking is less durable than legislative statutes since the agency itself can repeal or amend its rules in subsequent administrations and is…
Key facts
- The Senate vote ended 49-50, short of the 60 votes needed to move the bill forward
- It noted that 80% to 90% of Robinhood's revenue does not come from crypto, while Figure mainly operates a home equity line of credit marketplace
- The Funding newsletter: Stay on top of the latest crypto VC funding and M&A deals, news, and trends with their free bi-monthly newsletter, The Funding
- TD Cowen's Lance Vitanza also said near-term passage of the Clarity Act now looks increasingly unlikely, but regulatory changes are still moving forward through SEC rulemaking
Summary
The Clarity Act is "not fully dead" after it failed to advance in a Senate procedural vote on Tuesday, but the window for passing the crypto market structure bill this year is now "extremely narrow and only getting narrower," JPMorgan analysts said. The Senate vote ended 49-50, short of the 60 votes needed to move the bill forward. "Recall, the GENIUS Act (now law) also failed its first cloture vote, so there is precedent in crypto-related legislative proceedings," the JPMorgan analysts led by Kenneth Worthington said in a Wednesday note. "We understand that the bill remains on the Senate calendar and leadership could call for another vote before this Congress adjourns at the end of the year," they added. Still, the remaining timeline is tight.