Democratic Win Clouds CLARITY Act Outlook as S&P Futures Rebound

Democrats’ capture of both chambers of Congress has clouded the outlook for the CLARITY Act, a crypto market-structure bill, as U.S. markets rebounded after an overnight selloff tied to the midterm results. S&P 500 futures fell 1.4% Tuesday night before recovering the full loss by 3:05 a.m. ET Wednesday, when they stood 0.02% above their previous settlement. The S&P 500 was up 1.17% at 9:32 a.m. ET, while Bitcoin (BTC) traded near $78,500, up about 1%. The Senate rejected a procedural motion on the CLARITY Act 49-50 in September. Democratic senators opposed the bill, arguing it did not adequately address potential conflicts of interest involving the Trump family’s crypto business.

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