SkyBridge Capital CEO Anthony Scaramucci wondered Thursday whether Bitcoin’s (CRYPTO: BTC) price has already factored in the potential passage of the cryptocurrency market structure bill.
What Does The Crowd Think?
Scaramucci posted on X, asking if the legislation, often referred to as the CLARITY Act, has been “baked into” Bitcoin’s price.
Different viewpoints emerged in the replies. An X user Pledditor said that Coinbase’s withdrawal led to premature BTC selling, but if the bill passes against this pessimistic setup, it could turn out to be a “buy the news” event.
PCX Capital, another X user, doesn’t think the legislation has been priced in.
“Institutions need structure and clarity before injecting large sums of capital and offering crypto-backed product,” they added.
Note that the CLARITY Act, which proposes to split cryptocurrency oversight between the SEC and the CFTC, sailed through the lower chamber last year. In the Senate, there are two versions of the bill.
The Senate Agriculture Committee version supervises CFTC jurisdiction over commodities, including spot cryptocurrency markets. The Senate Banking Committee, chaired by Sen. Tim Scott (R-S.C.), oversees SEC monitoring of securities-related digital assets. The versions from both committees must be combined before full Senate consideration.
Will ‘Clarity’ Come In April?
The legislation hit an impasse after Coinbase, the largest cryptocurrency-native company on Wall Street, withdrew its support last month over provisions relating to stablecoin yields.
Since then, top industry executives have been trying to negotiate the dispute with lawmakers and banking representatives.
Ripple (CRYPTO: XRP) CEO Brad Garlinghouse raised the bill’s passage odds to 90% by the end of April following a White House meeting between cryptocurrency and banking leaders. Sen. Bernie Moreno (R-Ohio), who sits on the Senate Banking Committee, also said the bill could pass in April.
Price Action: At the time of writing, BTC was exchanging hands at $67,260.59, up 0.62% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: Al Teich / Shutterstock
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