Veteran trader Peter Brandt said the potential passage of the US Clarity Act is unlikely to have a major impact on Bitcoin prices after indications that it could possibly be passed by Congress as early as January.
“Is it an earth-shattering macroeconomic development? No. Certainly vital, but not something that ought to redefine value,” Brandt told Cointelegraph on Friday. “Regulating an asset, especially an asset that die-hard investors never desired to be regulated, is just not an earth-shattering event,” he added.
His comments got here after White House crypto and AI czar David Sacks said on Thursday: “We are closer than ever to passing the landmark law governing the structure of the crypto market.”
“We look ahead to completing the work in January,” Sacks said.
Some say the Clarity Act is already “priced in”
Although Brandt doesn’t see the Clarity Act as a catalyst that can propel Bitcoin (BTC) back to its all-time high of $125,100, he emphasized that the laws would still represent a major step forward for the crypto industry as a complete. “The Clarity Act can be positive because it might make the regulatory structure for crypto assets much clearer,” he said.
Source: David Sacks
Ledn Chief Investment Officer John Glover shared an identical sentiment to Brandt, telling Cointelegraph that the possible passage of the Clarity Act is already “priced into the market.”
“I don’t expect this event to have a major impact on markets on day one,” Glover said, adding that any advantages to cost motion would likely be more delayed.
“It’s one other step toward widespread adoption of Bitcoin and ETH as investable assets, so I still expect price motion to trend up and to the fitting over time,” Glover said.
Brandt opined that Bitcoin is in a bear market, but said the Clarity Act could mean its “downside bias is moderate.”
Brandt says Bitcoin could fall to $60,000 in 2026
“I imagine the charts suggest Bitcoin could likely fall to $60,000 within the third quarter of 2026,” he said. According to CoinMarketCap, this could represent a 31% decline from Bitcoin's price on the time of publication of $88,000.
The bill is the main focus of attention not only within the crypto industry but additionally amongst crypto lawmakers.
On Dec. 9, Wyoming Sen. Cynthia Lummis, a member of the U.S. Senate Banking Committee and one in all Congress' most distinguished advocates for addressing the structure of the digital asset market, said she plans to take the following step in advancing the bill in the approaching days.
The senator said the crypto industry was “a little bit concerned” in regards to the bill’s progress, adding that the drafts had been “changing a lot every few days” during bipartisan discussions.
