The odds of the CLARITY Act becoming law this year on Polymarket sharply fell to 16% on Monday, after spiking to 35% the previous day when Republicans unveiled a revised proposal with expanded ethics provisions. Key Senate Democrats, including Senators Raphael Warnock and Ruben Gallego, said the revised ethics offer was insufficient and are preparing a counterproposal, which three sources say has already been sent to Republican negotiators. Eight banking groups oppose the text due to loopholes allowing stablecoin rewards that function like deposit interest, while the Indian Gaming Association is urging tribes to vote against the bill over concerns about prediction markets. Republicans need 60 votes to advance the legislation, which will determine how the SEC and CFTC divide oversight of the US crypto market.
Source: Read the original article
