CLARITY IS NO LONGER A “PASS OR FAIL” TRADE.
The narrative has changed.
Congress failed to advance CLARITY — but crypto regulation didn’t stop.
Now there are TWO paths:
🏛️ Congress revives CLARITY before year-end
⚡ SEC + CFTC keep building the framework using existing authority
That changes the trade.
The next regulatory catalyst may NOT be another Senate vote.
It could come directly from the regulators.
The question is no longer:
“Will CLARITY pass?”
It’s:
WHO WRITES THE RULES FIRST — CONGRESS OR SEC/CFTC?
And which headline will $BTC price in first? 👀