BlockBeats News, June 30th - Investment bank Jefferies stated in a recent report that the US Comprehensive Legislation on Advancing and Reassuring International Development and Youth Act (CLARITY Act) still faces a major legislative obstacle in the Senate, and the future legislative progress in the coming weeks may intensify volatility in the crypto market.

Jefferies pointed out that although the bill had previously passed the Senate Banking Committee with a bipartisan vote of 15 to 9, there are only about 20 legislative days left until the August congressional recess. The Senate still needs to complete bill integration, procedural votes, coordinate with the House version, and submit it for presidential signature, making time extremely tight. Data from Polymarket shows that the probability of the bill passing by the end of 2026 has decreased from 70% in mid-May to 48%.

Jefferies believes that if the bill successfully passes, it will establish a clear regulatory framework for digital assets, prompting banks, asset management institutions, and exchanges to accelerate the layout of tokenized assets, custody, staking, lending, and other businesses. This will also promote more crypto ETFs and crypto infrastructure companies to go public. If the legislation is delayed, it may prolong regulatory uncertainty, causing traditional financial institutions to slow down their blockchain business advancement.

The report anticipates that the progress of the bill will continue to affect the market performance of crypto concept stocks such as Circle (CRCL), Coinbase (COIN), Bullish (BLSH), and some crypto assets. Jefferies also pointed out that in the long term, compared to regulatory changes, stablecoin issuer Circle faces a greater challenge from competition with banks, fintech, and payment companies.