Wall Street research firm Bernstein argues that new ethics provisions and stablecoin concessions embedded in the CLARITY Act could peel off enough Democratic votes to advance the legislation through the Senate. The revised bill spans 635 pages and incorporates 126 substantive changes specifically requested by Democrats, including a ban on senior officials, including presidents-elect, from retaining equity interests valued at 15,000 dollars or more in businesses that issue tokens, unless they fully divest or place assets in a blind trust. On stablecoins, only activity-based rewards such as providing liquidity will be permitted, while passive yields equivalent to traditional bank deposits are off the table. Prediction markets now price support odds above 30%, though passage remains uncertain given the 60-vote threshold required for Senate cloture.
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