Bernstein: Clarity Act could surprise crypto markets

4.1 Regulation

Sep 14, 2026

Bernstein analysts say the Clarity Act could progress faster than expected, with positive effects not yet priced in. Bipartisan support is possible, making the Senate vote a key catalyst for crypto markets.

Bernstein analysts suggest that the Clarity Act may advance faster than the market expects, following significant Republican concessions that address key Democratic concerns, particularly on ethics and banking. The bill now includes 126 changes requested by Democrats, such as empowering state attorneys general to enforce ethics rules and requiring divestment or blind trusts for crypto assets. President Donald Trump has agreed to these revised restrictions, increasing the likelihood of bipartisan support in the Senate. Despite these developments, analysts note that the crypto market remains bearish, with the Act's potential positive impact not yet reflected in prices. The Senate's upcoming procedural vote is seen as a crucial moment, as some Democrats are reportedly open to supporting the bill. Bernstein warns that failure to pass the Act would be especially negative for the banking sector. However, the latest draft offers banks protective measures for stablecoin yields and deposit risks. The Senate vote, alongside the Federal Reserve's decision, could serve as a major catalyst for market sentiment.