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Clarity Act: Stalled. ⏳
Status: The Senate vote is unlikely with only four days left before the August recess.
Obstacles:
President Trump's crypto profits ($1.4 billion) are a major political sticking point. Democrats fear passing the bill would undermine their messaging on his alleged corruption.
Senate Minority Leader Chuck Schumer introduced a new bill, the Anti-Corruption Bureau Creation Act, directly targeting executive branch corruption.
Banks are lobbying against paying yield on stablecoins, causing some Republican senators to waver.
Law enforcement groups are divided on the Blockchain Regulatory Certainty Act (BRCA) provisions, with some arguing it could hinder money laundering investigations.
The White House has not responded to a bipartisan crypto ethics counter-proposal.
Implications: If the Clarity Act fails, the SEC is ready to introduce its own crypto rules, according to Chair Paul Atkins. This could trigger a crypto selloff before a potential rebound later in the year.
The market needs regulatory certainty. This ongoing political gridlock is not helping. I'm watching for the SEC's next move if Congress fails to act.
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