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The Clear Act could hand control of cryptocurrencies over to Wall Street
Investor and hedge fund manager Mark Yusko warns that the proposed Clear Act could strengthen the position of large financial institutions in the crypto market rather than support decentralization. The U.S. Senate Banking Committee has scheduled a hearing for May 14 to review the bill, marking the first committee vote on the U.S. crypto market structure bill. The bill gained momentum after a compromise on stablecoin yields, helping it overcome months of procedural delays. Prediction market Polymarket shows that traders believe there is a 75% chance the bill will become law by 2026, up 10 percentage points from previous levels. Yusko criticized that the bill could create a “walled garden” controlled by major banks and restrict participation by small market players. Despite rising optimism, several major issues remain unresolved before the hearing, with banking groups still pushing for last-minute language changes.