Bitcoin fell 2% over a 24-hour period to $63,634, dipping as low as $62,784, as investors weighed diminishing chances for the Crypto Clarity Act to pass this year. According to Polymarket, the bill, which aims to create a regulatory framework for the cryptocurrency market, has only a 35% chance of being signed into law this year. The legislation, already passed by the House of Representatives last year with bipartisan support, has been stalled partly due to concerns from major banks over stablecoin yields and Democratic reservations about ethics language. An updated version banning government officials and their families from issuing or promoting crypto was introduced last week, with Republicans seeking bipartisan support this week before Congress departs for its August recess.
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