Bernstein: Progress on the CLEAR Act exceeds market expectations, with any positive surprises remaining unpriced.

TechFlow reported on September 14, citing The Block, that analysts at research firm Bernstein stated Senate Republicans' progress on the Clear Act may exceed market consensus expectations. The Republican Party has released the bill's final draft, incorporating 126 substantive amendments proposed by Democrats, while President Trump has also accepted most provisions of the bipartisan ethics proposal, including granting state attorneys general enforcement authority.

Bernstein noted that the crypto market currently takes a pessimistic stance toward Tuesday's procedural vote, with "any positive surprise not yet priced in." On the prediction market platform Kalshi, the probability of the bill's passage has rebounded to over 30%. Analysts warn that should the bill fail alongside hawkish rhetoric from the Federal Reserve, the market could face a "sharp correction"; however, even in defeat, the push will accelerate rulemaking on crypto regulation by the SEC and CFTC, rather than derail regulatory progress.