After a period of stagnation, bipartisan discussions surrounding the pivotal U.S. crypto market structure bill, known as the CLARITY Act, have reportedly resumed with renewed vigor. This development brings a fresh wave of optimism for the digital asset industry, as lawmakers signal confidence in advancing the legislation before the close of the year.
Renewed Momentum for the CLARITY Act
The progress on the CLARITY Act follows a significant period of stalled negotiations, initially brought to a halt by a controversial DeFi regulation proposal that met widespread industry backlash. This impasse saw Republicans pause engagement, delaying the bill's advancement out of the Senate Committee. Crucially, the resumption of talks has been attributed to the mediation efforts of crypto industry leaders, who successfully brought both sides back to the negotiating table. Key figures like Senate Agriculture Committee Chair John Boozman (R-Ark.) and Jeff Naft, spokesperson for Banking Committee Chair Tim Scott, have expressed encouragement, with Boozman aiming to finalize their part of the bill and release a bipartisan proposal "very, very soon," potentially before Thanksgiving.
Legislative Pathway and Outlook
With bipartisan talks back on track, the CLARITY Act is poised to clear significant legislative hurdles. The next critical step involves a markup, which would allow the bill to reach the Senate floor for a vote. Following a successful Senate vote, it would then move to the House for reconciliation with the original CLARITY Act. This renewed legislative push has notably influenced market sentiment, with prediction markets like Polymarket seeing the odds of the CLARITY Act passing this year more than double, from approximately 15% to 35%. While some projections suggest the process could extend into early next year, potentially facing challenges ahead of midterm elections, the current bipartisan engagement indicates a determined effort to establish a clear regulatory framework for the burgeoning crypto market.
