Bernstein: Crypto Market Has Not Priced In Clarity Act Surprise

The interesting signal is not the bill's odds but the gap Bernstein flags between legislative progress and market positioning. Ethics and banking concessions matter because they address the two constituencies most likely to block a market-structure framework, yet Democratic support remains the unresolved variable. That leaves the Clarity Act as a political process story rather than a trading catalyst for now. Whether that support materializes, and whether the concessions hold, is the open question.