We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services.
Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. The website cannot function properly without these cookies.
_cfuvidThis cookie is a part of the services provided by Cloudflare - Including load-balancing, deliverance of website content and serving DNS connection for website operators.
Maximum Storage Duration: SessionType: HTTP Cookie
__cf_bm [x7]This cookie is used to distinguish between humans and bots. This is beneficial for the website, in order to make valid reports on the use of their website.
CookieConsentStores the user's cookie consent state for the current domain
Maximum Storage Duration: 1 yearType: HTTP Cookie
Preference cookies enable a website to remember information that changes the way the website behaves or looks, like your preferred language or the region that you are in.
We do not use cookies of this type.
Statistic cookies help website owners to understand how visitors interact with websites by collecting and reporting information anonymously.
We do not use cookies of this type.
Marketing cookies are used to track visitors across websites. The intention is to display ads that are relevant and engaging for the individual user and thereby more valuable for publishers and third party advertisers.
We do not use cookies of this type.
Unclassified cookies are cookies that we are in the process of classifying, together with the providers of individual cookies.
List of domains your consent applies to: [#BULK_CONSENT_DOMAINS#]
Cookie declaration last updated on 8/12/26 by Cookiebot
[#IABV2_TITLE#]
[#IABV2_BODY_INTRO#]
[#IABV2_BODY_LEGITIMATE_INTEREST_INTRO#]
[#IABV2_BODY_PREFERENCE_INTRO#]
[#IABV2_BODY_PURPOSES_INTRO#]
[#IABV2_BODY_PURPOSES#]
[#IABV2_BODY_FEATURES_INTRO#]
[#IABV2_BODY_FEATURES#]
[#IABV2_BODY_PARTNERS_INTRO#]
[#IABV2_BODY_PARTNERS#]
About
Cookies are small text files that can be used by websites to make a user's experience more efficient.
The law states that we can store cookies on your device if they are strictly necessary for the operation of this site. For all other types of cookies we need your permission.
This site uses different types of cookies. Some cookies are placed by third party services that appear on our pages.
You can at any time change or withdraw your consent from the Cookie Declaration on our website.
Learn more about who we are, how you can contact us and how we process personal data in our Privacy Policy.
Please state your consent ID and date when you contact us regarding your consent.
Install NewsLayer
Get the app experience — one tap from your home screen, instant loads and breaking-news alerts.
The delay in the approval of the CLARITY Act is now pushing traditional banks, which were once against crypto, to demand the approval.
As of the latest update, Jane Fraser, CEO of Citigroup, recently backed the market structure bill, arguing that more transparent crypto regulations would improve financial system predictability and enable banks and crypto firms to operate under comparable regulations.
Speaking with Fox Business, Fraser said,
So we have not given up on pushing to get some improvements made to the bill, but we would like to see a good bill go through. I think it would be excellent for the system.
The bank remains pessimistic for Bitcoin
This is a bit eye-catching because Citi is still cautious about Bitcoin [BTC]. In fact, the bank has also lowered its 12-month target from $112,000 to $82,000 due to softer demand, weak ETF inflows, and stalled regulation.
While many think that Bitcoin could eventually reach $1 million due to institutional adoption and more transparent regulations, Citi sees a $53,000 (bear case)–$108,000 (bull case) price target.
Nevertheless, despite Citi’s pessimism, Wellington-Altus Private Wealth’s Chief Market Strategist James Thorne is essentially bullish on Bitcoin, as he said,
Source: James Thorne/X
Galaxy Research lowers odds of CLARITY passage
This comes as Galaxy Research has drastically lowered its prediction that the U.S. CLARITY Act will pass into law in 2026 from its initial projections to just 10%. This is primarily because the bill has stalled in political negotiations.
Needless to say, the bill needs 60 Senate votes to pass, but support has been eroded by a number of factors.
This includes lawmakers still split over ethics regulations pertaining to government officials and cryptocurrency.
Additionally, banks, especially community banks, lobbying against parts of the bill involving stablecoin yields and some lawmakers want more robust safeguards against illicit finance.
As a result, Senate Majority Leader John Thune decided not to bring the bill to a vote before the August recess. While a vote is now scheduled for the 15th of September, when the Senate reconvenes, lawmakers have a very short window of time before they focus on the midterm elections.
This makes passage very challenging, according to Galaxy.
What to expect?
Meanwhile, Polymarket odds have further decreased to 19%.
Source: Polymarket
This aligns with AMBCrypto’s earlier report that September may be a pivotal month for cryptocurrency due to the simultaneous arrival of multiple significant catalysts.
Though Bitcoin has avoided a negative September since 2022, September has historically been a weak month for the cryptocurrency.
As a result, Bitcoin may gain if CLARITY moves forward and the Fed issues a favorable ruling. If not, September may turn out to be an especially challenging month for cryptocurrency.
Final Summary
Though Citigroup is pushing for the CLARITY Act approval, its Bitcoin price target has fallen to $82,000.
Galaxy Research drops CLARITY Act approval odds to 10% and Polymarket odds have reached 19%.
