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Jefferies: The CLARITY Act faces a critical Senate test, may exacerbate crypto market volatility.

MarsBitNews
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Mars Finance News, June 30, investment bank Jefferies stated in its latest report that the US "CLARITY Act" still faces major legislative hurdles in the Senate, and progress on relevant legislation in the coming weeks may intensify crypto market volatility. Jefferies noted that although the bill had previously passed the Senate Banking Committee with a bipartisan vote of 15 to 9, with only about 20 legislative days left before the August congressional recess, the Senate still needs to complete bill reconciliation, procedural votes, coordination with the House version, and submission to the President for signature, making the timeline very tight. Polymarket data shows that the probability of the bill passing before the end of 2026 has dropped from 70% in mid-May to 48%. Jefferies believes that if the bill passes smoothly, it will establish a clear regulatory framework for digital assets, driving banks, asset managers, and exchanges to accelerate their deployment in tokenized assets, custody, staking, lending, and other businesses, and promote more crypto ETFs and IPOs of crypto infrastructure companies. If legislation is delayed, it could prolong regulatory uncertainty, causing traditional financial institutions to slow down their blockchain business advancement. The report predicts that the bill's advancement will continue to impact the market performance of crypto concept stocks including Circle (CRCL), Coinbase (COIN), Bullish (BLSH), and some crypto assets. Jefferies also pointed out that in the long term, compared to regulatory changes, the greater challenge faced by stablecoin issuer Circle remains competition from banks, fintech, and payment companies.
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