CLARITY Act Could Propel Bitcoin to New Heights, Expert Predicts
CLARITY Act Expert Gives Bill 70% Odds: Here's What It Means For Bitcoin
Image: Benzinga
Alex Thorn, Head of Research at Galaxy Digital, estimates a 70% chance for the CLARITY Act to pass, which could significantly benefit Bitcoin (CRYPTO: BTC). The bill, recently advanced by the Senate Banking Committee, aims to clarify regulations around digital assets and may lead to Bitcoin reaching new all-time highs if enacted.
- 01The Senate Banking Committee advanced the CLARITY Act on a bipartisan basis, with key votes from Senators Ruben Gallego (D-AZ) and Angela Alsobrooks (D-MD).
- 02Senator Kirsten Gillibrand (D-NY) advocates for ethics provisions to prevent elected officials from profiting from crypto appreciation.
- 03Banks are lobbying against stablecoin yield provisions, arguing they could lead to deposit flight, a claim Thorn dismisses as 'cynical' and 'nonsensical.'
- 04Thorn's prediction for the bill's passage has increased to 70-75%, contrasting with Polymarket traders who estimate a 61% chance.
- 05If the CLARITY Act passes, Thorn believes Bitcoin could be on a path to new all-time highs, although immediate spikes in price are unlikely.
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Alex Thorn, Head of Research at Galaxy Digital, has given the CLARITY Act a 70% chance of passing, suggesting that its enactment could put Bitcoin (CRYPTO: BTC) on a trajectory toward new all-time highs. With only nine weeks left in Congress before the August recess, the Senate Banking Committee recently advanced the bill on a bipartisan basis, following a four-month delay to negotiate stablecoin yield provisions. Thorn emphasized that if the bill fails, it may be due to proposed ethics provisions aimed at preventing elected officials from benefiting from the appreciation of digital assets, a concern raised by Senator Kirsten Gillibrand (D-NY). While banks are lobbying against the bill, claiming it could lead to deposit flight, Thorn argues this perspective is unfounded. He has upgraded his odds for the bill's passage to 70-75%, diverging from Polymarket traders who currently estimate a 61% chance. Should the CLARITY Act be enacted, Thorn believes it would establish a more favorable environment for cryptocurrencies, although he cautions against expecting Bitcoin to surge immediately from its current price of around $76,000.
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If the CLARITY Act is passed, it could provide a clearer regulatory framework for cryptocurrencies, potentially increasing investment and market stability.
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