Charles Schwab research found that changes in the perceived odds of the Clarity Act passing explained just 4.3% of bitcoin's (BTC) daily price movements this year, suggesting delays to the legislation may have little immediate impact on the cryptocurrency's price.
Still, Jim Feraioli, Charles Schwab's head of crypto research, said the bill's eventual passage remains a key catalyst because it could revive the institutional adoption narrative and provide upside for bitcoin in the short term.
His comments come as Senate negotiators released updated text for the CLARITY Act, combining House and Senate proposals into a single draft and introducing language outlining what ethics provisions for public officials could look like.
The legislation, however, still faces several steps before it can become law.
Charles Schwab research found that changes in the perceived odds of the Clarity Act passing explained just 4.3% of bitcoin's (BTC) daily price movements this year, suggesting delays to the legislation may have little immediate impact on the cryptocurrency's price.
Still, Jim Feraioli, Charles Schwab's head of crypto research, said the bill's eventual passage remains a key catalyst because it could revive the institutional adoption narrative and provide upside for bitcoin in the short term.
His comments come as Senate negotiators released updated text for the CLARITY Act, combining House and Senate proposals into a single draft and introducing language outlining what ethics provisions for public officials could look like. The legislation, however, still faces several steps before it can become law.
