Bitcoin dipped below $65,000 today, down roughly 0.5% on a slow weekend. The digital asset briefly traded as low as $64,974 before recovering slightly. Over the past few days, BTC has struggled to hold the $65,000 level, with multiple attempts to break above it failing.
The muted price action comes as traders digest a big piece of regulatory news: the CLARITY Act, the most consequential crypto market structure bill to reach the Senate floor, is now unlikely to pass this year.
Zach Pandl, Grayscale’s Head of Research, published an analysis on August 8 stating that while an agreement on the CLARITY Act is technically still possible, the realities of the Senate calendar and election-year politics mean the chances of passage this year now appear low.
The Senate Banking Committee advanced the bill on May 14 by a vote of 15-9, and the House passed it in July 2025 by a 294-134 margin. However, a merged draft released on July 22 drew objections from seven Democratic negotiators over ethics, consumer protection, illicit finance, and market integrity concerns. With Republicans holding 53 seats, the bill needs at least 7 Democratic votes to reach the 60-vote threshold required to overcome a filibuster. Those votes have not materialized.
Grayscale's head of research, Zach Pandl, says the Crypto Clarity Act is unlikely to pass this year. 👀 pic.twitter.com/3aS8zAfOQf
— Crypto Crib (@Crypto_Crib_) August 9, 2026
Limited Immediate Impact, but Long-Term Concerns
Pandl emphasized that the bill’s failure would not have an immediate impact on the functioning of major blockchains, demand for Bitcoin as a store of value, or the growth of stablecoin payments. The industry has operated for almost 17 years without comprehensive federal legislation.
However, the lack of a clear rulebook could hold back new investment in the United States. The CLARITY Act would have created a new path for capital formation using blockchain technology, supported the growth of tokenized securities markets, and established a comprehensive oversight framework for digital asset intermediaries.
Pandl noted that the SEC and other regulators are expected to fill regulatory gaps through rulemaking in the coming months, particularly around tokenized securities. The SEC’s interpretative guidance on the application of federal securities laws to crypto assets was already a significant step forward. But without a comprehensive market structure framework, a greater share of new investment and entrepreneurial activity may shift overseas.
What’s Next for the CLARITY Act
Senate Majority Leader John Thune has opened the multi-stage process required to bring the bill to a vote, giving it a potential path forward in September. The bill remains on the Senate calendar, and the legislative process could resume after the August recess.
But with the Senate now in recess and the window for action this year narrowing, the probability of passage has dropped significantly.
Polymarket traders currently place the odds of the CLARITY Act becoming law in 2026 at roughly 21% , down 19 percentage points over the past month. For now, crypto moves forward without it.
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