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The need to accelerate the passage of the Clarify Act (CLARITY Act) is becoming more urgent amid changes in the political environment in Washington. American Senate leaders face the risk of the law being repealed, casting new challenges over the future regulation of cryptocurrencies in the United States.
The Clarify Act faces a state of uncertainty due to headwinds in politics.
Alex Thorne, head of institutional research at Galaxy Digital, pointed out the importance of the current political situation. He wrote in an article on X: "One reason why the CLARITY Act is important now is the intensifying competition for control of the Senate." He hinted at the possibility of a near-term discussion on the CLARITY Act.
Thorne also added that the leadership of the Senate Banking Committee may depend on election results. He stated: "If the Democrats win, Sherrod Brown (the former senator) may take over the chairmanship of the Banking Committee."