Galaxy Research Head: US Senate Control Battle Intensifies, Window for CLARITY Act Narrows

Odaily Planet Daily News Galaxy Research Head Alex Thorn posted on X platform that there is currently a higher urgency to pass the CLARITY Act, partly due to the intensely competitive race for control of the US Senate. If the Democrats regain control of the Senate, former Senator Sherrod Brown could retake the chairmanship of the Senate Banking Committee; if he fails to win the Ohio Senate election but the Democrats still gain control of the Senate, the committee could be led by Elizabeth Warren. Elizabeth Warren is not friendly to the crypto industry. She has urged the US Treasury Department to implement strict supporting rules for the GENIUS Act and to issue clear guidance prohibiting the use of federal resources, such as the Exchange Stabilization Fund or Federal Reserve emergency lending tools, to backstop stablecoins and the crypto industry. These potential personnel changes could significantly impact the regulatory direction of the crypto industry, thereby increasing the practical urgency for advancing the CLARITY Act.