According to Patrick Witt, the White House encryption consultant, this week is crucial for the Clarity bill, which is likely to reshape the industry. In social media, Witt mentioned that this week coincided with the first anniversary of the establishment of the GENIUS, reminding everyone of the enormous effort behind the bill and the time we had lost, stressing that it could not be postponed.
The White House called on the Senate to adopt this important bill and referred to geopolitical factors as proof of urgency. The United States hopes to remain a leader in the areas of artificial intelligence and encryption, and the adoption of the Clarity Act may help to achieve this goal.
According to Polymarket, the chance that the Clarity Bill will be signed into law this year is only 40 per cent, despite recent White House statements. The bill was passed in the House of Representatives last year, but it faces enormous challenges because it requires at least 60 votes to overcome the obstacles.
The bill was supported by the Senate Banking Commission in May, but no full vote has yet been held. The Democratic Party has expressed concern about some of the provisions of the bill (such as the stabilization currency, decentrization of finance, mein currency, etc.), and ethical issues are also the main obstacle to ensuring the support of at least seven Democrats. While some Democrats supported the bill as a way to promote innovation and job creation, concerns remained about corruption.
Senator Cynthia Lumis recently warned that the bill could delay until 2030, depending on the outcome of the midterm elections.