Galaxy Digital has revised its estimate of the probability that the Senate passes its crypto market structure bill, the CLARITY Act, this year to 60%. The firm had previously estimated a 75% chance of passage, but now believes that time is running out for lawmakers to act on the bill before a month-long recess in August.
The revised estimate comes as major legislation has historically not moved in the lead-up to the midterm elections due to lawmakers campaigning. According to Alex Thorn, Galaxy's head of research, the bill must pass the Senate before the recess starts in late July. After that, the window effectively closes for passage this year.