Trump Pushes CLARITY Act, But Senate Odds Plummet on Polymarket
Donald Trump is urging the Senate to pass the CLARITY Act, framing it as a race against China for control of crypto and AI. Despite the urgent plea, prediction markets show a sharp decline in the bill's passage odds, signaling significant legislative hurdles remain.
Donald Trump is banging the drum for the CLARITY Act, warning that China could dominate crypto and AI if the Senate doesn't act fast. He's pushing lawmakers to pass the bill before the August recess, but the odds on Polymarket have cratered by nearly 5% today. Trump's appeal frames the legislation as a critical geopolitical battle, urging against letting China win control of these burgeoning technologies. The bill, building on the GENIUS Act, has already passed the House and cleared the Senate Banking Committee, but now needs 60 votes on the Senate floor – a tough ask. Democrats are demanding guardrails on conflicts of interest, especially given Trump's significant crypto holdings, and disagreements persist over developer liability. The death of Senator Lindsey Graham and Mitch McConnell's absence further complicate the path to securing the necessary votes, leaving industry voices split on its chances. Meanwhile, Wyoming crypto bank Custodia is escalating its fight with the Federal Reserve, asking the Supreme Court to review its denied master account, a move critics label as Operation Choke Point 2.0.