Jefferies warns that the Clarity Act faces a difficult path through the Senate, with political uncertainty potentially fueling volatility across crypto markets in the coming weeks:
The bill passed the Senate Banking Committee, but Jefferies cautions that tougher challenges lie ahead. Polymarket now puts the odds of passage by the end of 2026 at 48%, down from 70%:
Lawmakers have roughly 20 legislative days to merge competing Senate versions, clear procedural votes, reconcile the measure with the House bill, and send it to President Donald Trump:
The Clarity Act is widely viewed as the crypto industry's most important market structure bill because it would establish clear rules for when digital assets are regulated as securities by the SEC or commodities by the CFTC:
According to Jefferies, passage would provide the durable regulatory framework banks, asset managers, and exchanges need to expand tokenization:
A delay, however, would extend regulatory uncertainty:
