There is a growing probability that the United States might finally pass the most significant crypto legislation amid gloom and despair.
In fact, there is currently a 55% chance that the Clarity Act will become law, Polymarket shows. For comparison, the odds of the passage of the bill plunged below 40% just several days ago.
The reason behind the surging odds
Key endorsements from major law enforcement organizations are believed to be the key reason behind the sudden jump in odds.
Earlier this week, the National Organization of Black Law Enforcement Executives (NOBLE) endorsed the Clarity Act. It notably became the very first major law enforcement organization to throw its weight behind the much-talked-about legislation.
Other law enforcement groups previously raised some concerns about potential loopholes for illicit finance, but NOBLE has made it clear that the legislation "does not alter the longstanding federal criminal authorities that investigators and prosecutors rely upon every day."
NOBLE's endorsement has seemingly revived the momentum surrounding the legislation. Shortly after this, the Major County Sheriffs of America (MCSA) switched to a "neutral" position.
A shrinking legislative window
As of early July, the bill has not yet reached a full Senate floor vote. The legislative window keeps narrowing before the August recess.
Expectations for a pre-July 4 vote or significant progress were not met. The bill has been plagued by ongoing internal disagreements and competition with other legislative priorities.
The next window for a full Senate vote will open after lawmakers return from recess on July 13. The final text will likely be released soon for consideration.
Industry lobbying remains intense, with over 200 firms (including Coinbase, Ripple, Kraken) urging a Senate vote. Ripple even launched a mobile campaign with its "Clarity Act" in Washington, D.C.
As reported by U.Today, Senator Cynthia Lummis recently warned that another opportunity to pass the bill might not arise until 2030 if there is no action now.
Dan Burgin
U.Today Editorial Team
