Crypto Market Has 'Definitely Not Priced In' Clarity Act Surprise, Says Bernstein
Republicans appear to have made enough concessions on ethics and banking concerns that crypto markets may be underestimating the odds of the Clarity Act advancing. The bill would create federal rules for digital assets and define SEC and CFTC roles, but it still needs Democratic support. The latest draft reportedly includes 126 Democratic-requested changes, including giving state attorneys general a role in enforcing ethics restrictions and allowing Treasury to limit stablecoin rewards if they significantly drain community banks. Trump agreed to the revised ethics rules. Bernstein said these changes could win over some Democrats, though other analysts remain skeptical and still assign only modest odds of passage this year. If Congress fails to act, the CFTC may pursue crypto rules under existing authority, but lawmakers say legislation would provide more durable protections.
