Galaxy Lowers Clarity Act Passage Odds to 30%

Galaxy Digital, a major player in the crypto investment space, has significantly lowered its estimate of the Clarity Act's passage to just 30%. This adjustment comes after seven Democratic negotiators expressed concerns that the latest draft of the bill lacks robust ethics and consumer protections. The Clarity Act, which aims to provide clear regulatory guidelines for the crypto industry, now faces an uphill battle to gain sufficient support. The Democratic negotiators have called for stronger provisions to safeguard consumers and ensure ethical practices within the crypto sector. Without these enhancements, the bill is unlikely to garner the necessary bipartisan support to pass. Galaxy Digital's assessment underscores the growing skepticism among industry watchers about the bill's future, suggesting that a last-ditch effort will be required to salvage its passage. For everyday people, the Clarity Act's potential failure could mean continued regulatory uncertainty in the crypto market. Without clear guidelines, consumers may face higher risks, and the industry could struggle to attract mainstream adoption. The lack of robust protections could also lead to increased volatility and potential for abuse within the crypto space. Moving forward, stakeholders in the crypto industry should closely monitor the negotiations surrounding the Clarity Act. If the bill fails to gain traction, it could signal a need for alternative regulatory approaches or a delay in comprehensive crypto legislation. Consumers and investors should stay informed about any developments and consider the potential impacts on their crypto holdings and transactions. LLM Summary: Galaxy Digital reduced the Clarity Act's passage probability to 30% after seven Democratic negotiators said the latest draft needs stronger ethics and consumer protections. The bill, which aims to regulate the crypto industry, now requires a last-ditch effort to secure sufficient bipartisan support. Source: The Block — https://www.theblock.co/post/409608/galaxy-says-clarity-act-now-needs-last-ditch-effort-cuts-passage-odds-30?utm_source=rss&utm_medium=rss