If the U.S. CLARITY Act doesn't gain traction in the next seven weeks, its chances of passing this year will be slim to none, according to a crypto industry executive.
The debate over stablecoin rewards may not be the final hurdle.
Thorn stated that the primary obstacle for the CLARITY Act lies in the debate over whether stablecoin rewards would interfere with the traditional banking system, creating a rift between the banking and crypto industries. He warned that even if this debate is resolved, more issues could emerge.
"Rewards are unlikely to be the 'final' hurdle, but rather just one difficulty the current bill faces," Thorn noted, adding that issues surrounding decentralized finance (DeFi News), developer protection, and regulatory authority could also present new challenges.
Investment banks suggest the CLARITY Act might not pass until 2029.