The odds of the Digital Asset Market Clarity Act’s (CLARITY) passage are dwindling as the US Senate is scheduled to begin summer recess at the end of this week, threatening another leg down for cryptocurrency valuations, according to wealth manager Bernstein.
Bernstein said that the Senate’s failure to pass the legislation could trigger an immediate negative “industry knee-jerk reaction,” which may result in another leg down for Bitcoin and the broader crypto market.
“From a tactical standpoint, we expect the crypto market to bottom and start showing momentum towards late Q3 and early Q4 prior to the mid-terms,” Bernstein analysts wrote in a Monday report shared with Cointelegraph.
At the same time, however, the analysts said that Senate failure to pass the legislation may bring more proactive policy support from regulators, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission…
