Recently, Ron Hammond from Wintermute said that the chances of the Clarity Act being passed this year are only 30%. This bill is intended to define the division of authority between the SEC and the CFTC in supervising digital assets in the US.

If you take a closer look, the legislative process in Washington is really being stalled right now. The biggest obstacle comes from traditional banking institutions, which have sharp disagreements over stablecoins and the yields that could be offered. There have been multiple compromise proposals, but they’ve still failed time and again.

In addition, there are other factors that make the process even more complicated. Divisions within Demokrat, issues related to DeFi compliance and anti-money laundering, and then political factors that still remain unclear. All of this makes the legislative timeline uncertain.

Although Ron is optimistic that there’s still room for this law to move forward, realistically, this year may be too tight for it to be enacted. It all comes down to whether they can resolve the key disagreements between the parties involved. For the crypto market, including btc, clarity on regulation from the US government is extremely important in the long run—so we’re all waiting for further developments.