Even if the Clarity Act fails to pass, Wall Street's crypto expansion will likely continue as financial institutions have already made significant strides in digital assets. Passage would accelerate adoption, but failure may only slow it rather than stop it entirely.
The House Ways and Means Committee released a 114-page crypto tax bill ahead of a Wednesday markup, with provisions covering small transactions, staking, mining, and broker requirements. The proposal could begin a longer legislative effort, though it is unlikely to become law this year.
Prediction markets are assigning higher probabilities to the passage of the Clarity Act this year, but the bill still faces a challenging legislative path. While odds have surged on Kalshi and Polymarket, the Senate still needs a 60‑vote cloture and further approvals before the president can sign it.
A bipartisan group of state attorneys general is urging the Senate to revise the Digital Asset Market Clarity Act, warning that federal preemption clauses could limit their ability to combat crypto-related fraud and online scams.
Bitwise's BWOW dogecoin ETF will close after 10 months, adding to weak demand across DOGE funds and raising a harder question for altcoin ETFs: What problem are they actually solving?
Bitmine added 27,180 ETH worth about $68 million, bringing its holdings to 5.96 million and leaving it close to its 5% supply target. Tom Lee cited Ethereum’s relative strength, possible U.S. crypto legislation, and renewed institutional buying as potential upside catalysts.
ByteDance was reportedly considering spending $70 billion on AI data centers and infrastructure. The news comes as U.S. AI giants call for slowing the AI race.
August core CPI rose 0.3%—exceeding expectations of 0.2%—potentially prompting a Federal Reserve rate hike at next week's policy meeting. The data follows Fed Chair Kevin Warsh's warnings about persistent inflation pressures.