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Senate faces hours to advance CLARITY Act as deadline nears
Bitwise CIO Matt Hougan said missing the window could lower Polymarket odds into the teens and remove uncertainty that has kept some investors sidelined.
The US Senate is running out of time to advance the CLARITY Act, a bill aimed at digital asset market structure, with supporters facing only hours to secure a procedural path before lawmakers leave Washington. According to CryptoSlate, Senate leaders must file for cloture on Wednesday to preserve a chance of voting, as the day’s floor schedule did not list the measure. The Senate’s state work period is set to begin Aug. 10, while lawmakers are expected to leave Friday and return Sept. 14, according to Bitwise. CryptoSlate reports that this timing mismatch has narrowed supporters’ options as the Senate prioritizes other legislation, including government funding. Bitwise CIO Matt Hougan told investors that the best outcome for the industry is passage, which he links to conditions that could start a new crypto bull market. He also argued that a clean near-term collapse could be better for prices than months of unresolved negotiations, pointing to Polymarket odds as a gauge of shifting sentiment. In a Tuesday memo cited by CryptoSlate, Hougan wrote that if CLARITY does not pass this week, Polymarket odds should break solidly lower, with a drop into the teens helping markets put the uncertainty behind them. He said professional investors may hold back capital until the bill’s fate is resolved, and he cautioned the bill could enter a “walking dead” period if senators miss the deadline, with additional discussions potentially extending through September or later.
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