Galaxy Research Head: Setback for CLARITY Act Despite Market Potential

Alex Thorn, head of research at Galaxy, stated that the U.S. Senate failed to advance the CLARITY Act on Tuesday, marking a significant setback for crypto market structure legislation. While some efforts to revive the bill may persist, no substantive progress is expected this year. Despite the disappointment, Thorn noted that the crypto industry does not rely on this bill for short-term growth, as the current U.S. regulatory environment remains supportive. The SEC and CFTC are actively clarifying how existing securities and commodities laws apply to digital assets, while other federal agencies have dismantled previous restrictive policies, such as those associated with 'Operation Chokepoint 2.0'.