Analyst: The legislative prospects for the Clarity Act still face hurdles

Odaily Planet Daily News: The U.S. Senate Banking Committee has advanced the crypto market structure bill, the "Clarity Act," with a vote of 15 in favor and 9 against. The bill aims to establish a comprehensive regulatory framework for the crypto industry at the federal level for the first time, gaining support from Democratic Senators Ruben Gallego and Angela Alsobrooks.

Although the industry generally views the committee's passage as positive progress, analysts believe there are still significant obstacles before the bill can become law. TD Cowen has raised the probability of the bill's passage from about one-third to 40%, stating that some Democratic lawmakers are already willing to find a path to support it, but substantive disagreements have not been fully resolved.

Previously, the bill was long affected by issues such as stablecoin yield arrangements, conflicts of interest, and ethical clauses. At the same time, to overcome a filibuster in the Senate, the bill will need significantly more Democratic support than it currently has. Benchmark analysts also pointed out that the current number of supporting votes is insufficient to ensure its final passage. (The Block)