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Jefferies warns of crypto market volatility as Clarity Act faces Senate test
Key takeaways
- The bank expects elevated volatility in crypto tokens and blockchain-related equities as the bill's prospects become clearer.
- The bill passed committee in a bipartisan 15-9 vote earlier this year, but the bank warned that tougher challenges lie ahead.
- Lawmakers have roughly 20 legislative days before the August recess to merge competing Senate versions, clear procedural votes, reconcile the measure with the House bill and send it to President Donald Trump.
The bank expects elevated volatility in crypto tokens and blockchain-related equities as the bill's prospects become clearer.
The Clarity Act still faces significant hurdles despite clearing the Senate Banking Committee, with investment bank Jefferies warning that political uncertainty could fuel volatility across crypto markets in the coming weeks.
The bill passed committee in a bipartisan 15-9 vote earlier this year, but the bank warned that tougher challenges lie ahead. Polymarket now puts the odds of passage by the end of 2026 at 48%, down from 70% in mid-May as concerns over ethics provisions, illicit finance and limited Senate floor time weigh on its prospects.
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