Prediction markets put the odds of the Digital Asset Market Clarity Act becoming law this year at 59%, down from a high of 68% following a Senate committee vote earlier this month.
That slide reflects growing uncertainty around a bill the crypto industry had hoped would clear Congress before year’s end.
A Slim Margin In The SenateCommittee Chairman Tim Scott called the vote bipartisan. Critics say two votes barely qualifies.
He said banks would continue to fight the current version of the bill, citing provisions he believes give crypto companies an unfair advantage over traditional financial institutions.
The Core DisputeHis proposed fix was straightforward: if crypto companies want to offer yield-bearing accounts, they should get a banking charter and follow the same rules. He said no one in the banking industry would simply accept the bill as written.
Armstrong In The CrosshairsArmstrong’s role in the negotiations has drawn attention from both sides of the debate, with reports indicating Coinbase has spent hundreds of millions of dollars on Washington lobbying efforts.
The bill’s fate now rests on whether enough senators can be won over before the end of the year.
Featured image from Unsplash, chart from TradingView
