CLARITY Act May Be Shelved Until 2028 as Democratic Sweep of US Congress Puts Crypto Industry on the Back Foot

Odaily reports: The Democratic Party's major victory in the US midterm elections could reshape the crypto industry's policy environment in Washington. With crypto critic Sherrod Brown returning to the Senate and Elizabeth Warren continuing to wield influence in financial policy, the new Congress may focus more on scrutinizing Trump's personal crypto business dealings, including his affiliated project World Liberty Financial, rather than advancing industry-friendly legislation such as the CLARITY Act.

Sharplink CEO Joseph Chalom expects the CLARITY Act could remain shelved until 2028. TD Cowen analyst Jaret Seiberg believes the CLARITY Act will struggle to make progress over the next two years, and the political environment could even prevent the industry-backed version of the bill from advancing. However, industry figures such as Circle emphasize that the crypto industry has a bipartisan nature, with lawmakers in both the Democratic and Republican parties supporting the crypto sector; even if the CLARITY Act is delayed, areas such as stablecoins and tokenized stocks may still make progress through existing laws and regulatory rulemaking. (CNBC)