Bitcoin slid to $63,634 on Tuesday, down 2% over 24 hours, as investors weighed the chances of lawmakers voting on the crypto Clarity Act. Market observers on Polymarket give the bill a 35% chance of being signed into law this year. Congress has one week of votes left before a five-week recess.
Bitcoin's price slid further on Tuesday as investors weighed the chances of lawmakers voting on the long-awaited crypto Clarity Act. Market observers now give the bill a 35% chance of getting signed into law this year on crypto betting platform Polymarket.
The cryptocurrency recently traded at $63,634 after sliding 2% over a 24-hour period. It dropped as low as $62,784 at one point.
Democrats say the bill falls short
Major financial institutions including Fidelity and Goldman Sachs have thrown their weight behind the new bill, but some Democrats remain unhappy with it in its current form. A group of Democrats said last week in a statement that the bill as written falls short.
The Clarity Act passed the house of representatives last year with strong bipartisan support, yet it has been in a deadlock for much of 2026. That stalemate came partially because big bankers raised concerns over stablecoin yield, among Democrat concerns around ethics language.
Banking lobbyists have said that if crypto exchanges pay attractive yields to customers, banks could lose their deposit base. An updated bill of the Clarity Act introduced last week addressed the ethics concerns, banning government officials and their families from issuing or promoting crypto.
Republicans want bipartisan support before the recess
A number of lawmakers are hoping the bill gets passed before Congress departs for August recess. But U.S. lawmakers face an action packed week of voting before that five-week recess, including sweeping Russian energy sanctions.
Republicans are hoping to gain bipartisan support for the bill this week to advance the legislation. If passed, the bill would create a regulatory framework for the cryptocurrency market.
Source: Bitcoin Magazine
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