Key facts
- The Major Cities Chiefs Association has endorsed the CLARITY Act.
- The bill's odds of passing Congress are currently estimated at 30%.
- Democratic lawmakers are demanding amendments to the CLARITY Act.
- The bill faces a deadline before Congress's August recess.
The CLARITY Act, a piece of legislation concerning cryptocurrency, has garnered support from the Major Cities Chiefs Association. This endorsement adds pressure on lawmakers as Congress approaches its August recess. Despite this backing, the bill's prospects for passage are considered uncertain, with current odds estimated at 30%. This uncertainty stems from ongoing demands for amendments from Democratic members of Congress.