The forthcoming updates, anticipated to be released by the end of this week or the beginning of next week, will likely incorporate adjustments from the drafts shared earlier this week. However, it’s expected that lawmakers will refrain from making extensive revisions to this long-discussed text.
As of now, financial institutions have not publicly commented on the proposed changes.
The crypto sector has voiced concerns regarding the strategy introduced this week, as first highlighted by CoinDesk. This backlash has already triggered turmoil in the market, particularly affecting prominent U.S. stablecoin issuer Circle and the share prices of Coinbase. Circle’s stock plummeted by 20% on Tuesday, although it witnessed a slight rebound on Wednesday. Additionally, news concerning Tether’s plans to undergo a full audit may have also contributed to the decline in Circle’s shares, according to market analysts.
In the face of criticism surrounding the revisions to the Clarity Act, Patrick Witt, the crypto advisor for the White House, addressed naysayers. He labeled those making predictions about the Clarity Act’s future as “uninformed.”
“In the end, it will all turn out positively,” he shared on social media platform X (formerly Twitter). “Feeling optimistic.”
One observer suggested a more relaxed approach:
“It’s advisable for everyone to take a step back and avoid Twitter for a bit,” they stated.