Opinion: Crypto Industry Will Survive Failure of CLARITY Act in Senate
Bitwise Investment Director Matt Hogan stated that the cryptocurrency industry will continue to develop even if the CLARITY Act fails in the US Senate. The Senate's summer session ends on August 10, with a key procedural vote deadline for the bill on August 5. While Republican leadership aims for a vote before recess, Democratic opposition remains a major hurdle, with Polymarket's odds of the bill becoming law this year dropping to 15% from 82% in February.
Hogan believes a failed vote this week would leave the bill in limbo, potentially pushing final consideration to a "lame duck" session later in the year. He argues prolonged regulatory uncertainty is keeping some institutional investors away, but a drop in the bill's passage odds could clear the way for market growth. As an alternative, Hogan cited SEC Chairman Paul Atkins's readiness to issue crypto-friendly rules, which might be more favorable in the short term than a bipartisan Congressional bill, though future leadership could change this.
He contends the industry's progress is now irreversible, citing the success of Bitcoin ETFs, tokenization efforts by major firms, new stablecoin platforms, and crypto-native projects from companies like Robinhood. Hogan drew a parallel to the 1990s telecom reform, where market innovation surged ahead of legislation. He concluded that while the CLARITY Act has flaws, Congress should pass it soon for the industry's benefit, but the crypto sector will advance regardless.
cryptonews.ruYesterday 09:28