Galaxy cuts CLARITY Act passage odds to 10%

The significance here is less the number than the specific fault lines Galaxy cites: ethics, stablecoin yields and developer protections are the provisions that have repeatedly stalled market-structure talks, so the downgrade reflects substance rather than sentiment. It matters most for US-facing venues, token issuers and stablecoin projects whose compliance planning has been anchored to a federal framework arriving on a known timeline. The September Senate window is the near-term variable worth watching; whether those three issues move at all is the open question, and the absence of movement would leave the sector operating under the existing patchwork for longer.