THE CLARITY ACT JUST TOOK ANOTHER STEP BACK. Kalshi now gives the bill just a 37% chance of becoming law before 2027. Only a few months ago, expectations were closer to 60–70%. The issue isn't just politics. Time is running out. Before Congress leaves for its August recess, the final draft still needs to be released, lawmakers need to resolve key disagreements, and the Senate still has to vote. Miss that window, and the legislation could be delayed well into 2027. That would leave the US crypto industry facing more years of regulatory uncertainty. While Washington continues to debate... Other countries are moving ahead. Japan is rolling out clearer crypto rules. South Korea is accelerating stablecoin and tokenisation regulation. The longer the US waits, the greater the chance the next generation of blockchain companies chooses to build somewhere else. The CLARITY Act isn't just another crypto bill. It could shape where the future of the industry is built.