Bitcoin prices fell again on Tuesday as investors weighed the chances of lawmakers voting on the long-awaited crypto Clarity Act.
The price of Bitcoin recently reached $63,634 after a 2% drop in the 24-hour period. The cryptocurrency fell to $62,784 at the same time.
Market watchers now give the Clarity Act a 35% chance of becoming law this year on crypto betting platforms Polimamarket.
While major financial institutions such as Fidelity and Goldman Sachs have thrown their weight behind the new bill, some Democrats are not happy with it in its current form. The Democrats last week he said in the words that the bill in its current state is declining.
Several lawmakers hope the bill will be passed before Congress leaves for the August recess.
US lawmakers have a packed vote ahead of a five-week deadline, including sanctions on Russia.
Although it was passed in the House of Representatives last year with strong bipartisan support, the Clarity Act has been stalled for many years by 2026, in part because major banks have raised concerns about stablecoin yields amid Democrat concerns over cultural language.
Bankers have said that if crypto exchanges offer good returns to customers, banks may lose their stake.
The amended Clarity Act bill was be explained last week it discussed ethical issues, preventing government officials and their families from issuing or promoting crypto.
Republicans are hoping to get bipartisan support this week to advance the legislation. If passed, the long-awaited bill will pave the way for the regulation of the cryptocurrency market.
