The Clarity Act, a key piece of legislation aimed at establishing clear rules for cryptocurrency market structure regulation in the US, faces an uncertain future. Wintermute's head of policy Ron Hammond has given the bill a 30% chance of passing this year, citing ongoing negotiations and shifting timelines as major hurdles.
Hammond pointed to the legislative process being unevenly advancing, with lawmakers pushing for near-term progress but facing delays due to political friction and bank opposition. The biggest obstacle remains traditional financial institutions, particularly around the issue of stablecoin yields.
A recent report from the Council of Economic Advisers has pushed back on bank opposition, but negotiations remain stuck. Hammond noted that a proposed 'yield deal' floated roughly two weeks ago failed to satisfy either side, and a new version is now circulating with tempered expectations.