According to CoinDesk, Ron Hammond, Head of Policy at crypto market maker Wintermute, stated that the legislative process for the U.S. crypto market structure bill, the Clarity Act, remains hindered by multiple factors, with a roughly 30% chance of passage this year. The bill aims to clarify the regulatory responsibilities of the SEC and CFTC regarding digital assets, but current negotiations are uneven, timelines have been repeatedly delayed, and primary resistance stems from traditional banking institutions—particularly over the contentious issue of whether stablecoins should offer yields. Compromise proposals on this matter have repeatedly stalled. Additionally, internal divisions within the Democratic Party, along with uncertainties surrounding DeFi compliance and anti-money laundering measures, further complicate the legislative process. Nevertheless, Ron Hammond believes there is still room for progress, though whether the bill can be enacted this year depends on whether breakthroughs can be achieved on key points of disagreement.
Wintermute Policy Head: Clarity Act has a 30% probability of passing this year
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Summary
Wintermute’s policy head, Ron Hammond, told TechFlow that the Clarity Act has a 30% chance of passing this year, facing significant regulatory policy hurdles in the U.S. The bill aims to define the roles of the SEC and CFTC in crypto regulation, but pushback has delayed progress. Stablecoin yield provisions and CFTC concerns are key sticking points, with internal Democratic Party disagreements and DeFi compliance challenges further increasing uncertainty. Hammond said progress is still possible, but only if major disputes are resolved.
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