The Senate Delays the CLARITY Act Vote Until September

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In Today's Note

• The Senate postponed the CLARITY Act until lawmakers return from the August recess, pushing the procedural vote into September. Polymarket traders now put the odds of it being signed into law by the end of 2026 at 14%; the bill still needs 60 Senate votes.

• The FT reported that Fed Chair Kevin Warsh will stick with his stripped-back communications despite last week's backlash, and is prepared to back a rate increase in September if the coming inflation data comes in above expectations.

Market Snapshot: Overnight Moves

Macro & Markets

• BTC traded at $64,547 this morning, roughly flat over the past 24 hours while ETH held around $1,909.