Senate Has 5 Days to Pass CLARITY Act as Odds Collapse
Lawmakers are scrambling before the August recess to save their crypto bill, but fights over stablecoin yields and ethics rules are killing its chances.
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Key takeaways
- The Senate has five days left to pass the CLARITY Act before its August recess.
- Prediction markets place the bill's chances of passing this week at just 30%.
- Stumbling blocks include ethics rules around public figures' crypto profits and stablecoin reward structures.
Thirty percent. That’s the weak odds prediction markets give the CLARITY Act passing before the Senate hits its August recess. Senators have exactly five days left.
Monday’s schedule started with H.R. 6500, a standard government funding bill. The crypto framework? Nowhere on the menu. Negotiators are grinding away behind closed doors, but Friday’s cutoff is coming fast.
Ethics and Yields Stall Progress
Two fights are dragging this down. First: government ethics rules for public officials meddling in digital assets. Capitol Hill is warring over who gets to play, a fight supercharged by scrutiny surrounding Donald Trump’s crypto payouts.
Second: stablecoin rewards. Lawmakers can’t agree on how hard regulators should slam the brakes on platforms paying yield on dollar-pegged tokens. Skip a last-minute deal on both fronts, and this bill goes cold.
Why it matters
If you hold or trade crypto in the US, get ready for more limbo. The push against stablecoin yields isn't academic, either. Harsh limits could instantly wipe out reward programs across major exchanges and DeFi protocols.
Source: CryptoSlate
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