The CLARITY Act, a cryptocurrency regulatory bill in the United States, is seeing its chances of passage drop significantly. Prediction markets now assign a 31-35% probability of the bill becoming law this year, down from 70% earlier in the year. Bipartisan negotiations between Senator Thom Tillis and Arizona Democrat Ruben Gallego are stalled over the question of state attorneys general powers regarding the enforcement of ethics provisions. With the Senate set to begin its August recess next week, observers believe the window of opportunity is rapidly closing. Michael Saylor, chairman of the world’s largest corporate bitcoin holder, supports the bill while noting that bitcoin will succeed with or without legislation.
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