Galaxy said it does not expect substantial movement on major cryptocurrency legislation in the next Congress. Its research linked that forecast to the election result and the likely change in leadership of committees responsible for financial policy.
The firm wrote that it does "not expect substantial movement in Congress on key digital assets legislation. " The statement concerned prospects for new laws, rather than an announcement that Congress had formally withdrawn the CLARITY Act.
The bill had already suffered a setback on September 15. The Senate voted 49-50 against moving forward with debate, below the 60 votes needed. The legislation would establish rules for digital assets and clarify responsibilities shared by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
All Democratic senators who participated voted against proceeding, along with four Republicans. The vote blocked debate but did not amount to a final decision on the bill.
Galaxy had previously said the chances of progress were low even before the election. In September, it wrote that "the odds are relatively low" that the CLARITY Act would advance in the next Congress if Democrats gained control of either chamber.
