Clarity Act Odds Surge as Trump Backs Ethics Provisions Ahead of Tuesday Vote

The ethics concession is the pivot: it converts a stalled bill into a live one, and Trump's backing gives it the political cover that was previously missing. That matters most for US-facing venues and token issuers, who have spent years without a settled federal framework. But a Tuesday vote is not a law, and the sequencing with the FOMC decision means markets will be repricing policy and rates within 48 hours of each other. Whether the ethics language holds through the vote, and how much of the bill survives the process, is the open question.