Democratic Congress raises questions over crypto bill and Bitcoin

Democrats’ reported control of both chambers of Congress has renewed questions about the future of the CLARITY Act and coincided with a rebound in Bitcoin, though analysts differ on what the political shift could mean for regulation and prices. The legislation, intended to establish a federal framework for cryptocurrency markets, stalled in the Senate in September after a procedural vote failed to reach the 60 votes needed to advance it. With Democrats holding both chambers, some industry observers expect negotiations to become more difficult. The sources do not establish a new timetable or a confirmed change to the bill. Analyst Ash Crypto forecast that the legislation could remain stalled for at least two years, arguing that Republicans would need Democratic support to advance major crypto measures. That is a forecast, not a legislative schedule. Seven Democratic lawmakers said after the September setback that they had not abandoned work on the bill, according to accounts of their statement. Nigel Green, chief executive of financial advisory firm deVere Group, said a Democratic-controlled Congress could delay or reshape the measure. He argued that stronger investor...