The CLARITY Act hit a political snag right before the business week wrapped, leaving things on hold until lawmakers return from their August break. Grayscale sketched out a potential way ahead for the US crypto scene if Congress ends up dropping the ball on that long-awaited market structure this year 🖤.
There’s no need to sugarcoat it. A delay would sting at first, but the firm spots a clear route through anyway 🌙.
Crypto Thrives Regardless 💀
Grayscale has shared thoughts on the bill’s promise before, and their newest take admitted an agreement this year is still technically doable. Yet Senate timing paired with midterm elections has made real passage tougher by the day 🕸️.
Their analysis dropped right after Senate Majority Leader John Thune filed cloture on the motion to advance the legislation before everyone left Washington. That procedural vote lands on September 15 but still needs 60 votes. It won’t finalize the bill, just decide if senators can keep moving it forward.
If that fails, Grayscale pointed out Washington holds extra paths to push crypto rules ahead without big legislation from Congress. Regulatory agencies stand out as one of the biggest options.
The CFTC and SEC have already grown noticeably more crypto-friendly than before, letting them shape fresh rules and interpretations even if Congress stays quiet 🦇.
These agencies remain limited without new laws though, especially around permanent lines between their jurisdictions. Still, they could handle key areas like tokenized securities, custody, and trading.
On the bright side, institutions have poured in hard over recent years via spot ETFs, stablecoins, tokenized RWAs, and more Wall Street action while the CLARITY Act sits idle. The GENIUS Act already set a federal plan for payment stablecoins, a solid win, noted Grayscale’s Head of Research, Zach Pandl 🕷️.
Passage Chances Keep Falling 🌑
The bill’s stall at week’s end hurt the space, though Thune’s cloture offered a bit of optimism. Key sticking points linger around ethics clashes, illicit finance rules, and Senate Agriculture Committee wording.
Republicans lack enough votes alone even with full support and need at least seven Democrats or independents. These unresolved issues have dropped expected odds for this year, with Galaxy Research lowering the probability from 50% to just 30% 👁️.
Just another echo from the void by iconofsin.eth 💖
