Live updates: Clarity Act fails in Senate, sending crypto lower
ARP Digital partner Yusuf Fakhro tells CoinDesk that downside from a failed Clarity Act vote was largely priced in, while a surprise passage was not.
ARP Digital partner Yusuf Fakhro spoke to CoinDesk on 15 September as the US Senate prepared to vote on the Digital Asset Market Clarity Act, which subsequently failed to advance.
Fakhro pointed to market-implied odds of passage having risen from the low twenties to around 30% after Senate Republicans released a revised draft incorporating Democratic provisions in an attempt to reach the sixty votes required. On positioning, his assessment was that the market had largely priced the downside of a failed vote, while a surprise passage was not priced — a read the subsequent result bore out. The piece also covered thinning derivatives activity, with funding rates drifting toward zero and open interest stalling.
