Press reporting and comments by crypto trade groups suggest there may be movement on market structure legislation in the US Senate. The House version of this bill, known as the CLARITY Act, passed with a bipartisan majority last July, but progress recently stalled in the Senate.
On Thursday, the White House convened a third meeting between crypto and banking industry negotiators to try to hammer out a deal on issues related to stablecoin yield. According to Eleanor Terrett of Crypto in America (X post), talks were notably more focused compared to the prior two rounds, and the discussion included review of specific draft text from the White House.
After the meeting, Blockchain Association CEO Summer Mersinger released a statement saying she was âvery optimistic about where we stand and encouraged by the level of engagement from all sides.â
At the same time, the Polymarket contract tracking the odds of passing the CLARITY Act moved higher after remaining steady since late January, before retreating slightly this week. (see chart).
Key Takeaway: The CLARITY act provides a tradfi-like rulebook for crypto asset markets in the United States. If passed, it would, in our view, facilitate capital formation, allow new institutions to transact over blockchains, and reduce downside tail risks of a return to regulation by enforcement.
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