Veteran trader Peter Brandt stated that the potential enactment of the US Clarity Act is unlikely to significantly affect Bitcoin’s price, with indications it could pass Congress as early as January.
“Is it a world-shaking macro development? Nope. Absolutely necessary, but not something that should redefine value,” Brandt told Cointelegraph on Friday. “Regulating an asset, especially one that dedicated investors preferred to keep unregulated, is not a groundbreaking event,” he continued.
His remarks followed White House crypto and AI czar David Sacks’ comments on Thursday, where he stated, “We are closer than ever to passing the landmark crypto market structure legislation.”
“We look forward to completing the task in January,” Sacks added.
Clarity Act has already been factored in: Exec
While Brandt doesn’t view the Clarity Act as a trigger to send Bitcoin (BTC) back to its all-time high of $125,100, he stressed that the legislation would still represent a major advancement for the broader crypto sector. “The Clarity Act would be beneficial as it would significantly clarify the regulatory framework for crypto assets,” he noted.
Similarly echoing Brandt, Ledn’s chief investment officer John Glover told Cointelegraph that the potential passing of the Clarity Act has already “been priced into the market.”
“I don’t foresee this event having a significant impact on the markets immediately,” Glover remarked, adding that any positive price movements are likely to be delayed.
“It marks another step toward widespread acceptance of Bitcoin and ETH as viable investment assets, so over time, I still anticipate a positive price trajectory,” Glover shared.
Brandt mentioned that Bitcoin is currently in a bear market but indicated that the Clarity Act might mean his “downside bias is moderate.”
Brandt predicts Bitcoin could drop to $60,000 in 2026
“I believe the charts suggest that Bitcoin could fall to the $60k level, likely in Q3 of 2026,” he stated. This would signify a 31% decline from Bitcoin’s price at the time of this publication of $88,000, according to CoinMarketCap.
Related: SEC commissioner says crypto is ‘helping to nudge reassessment’ on privacy
The bill has been a focal point not just for the crypto community but also for pro-crypto legislators.
On Dec. 9, Wyoming Senator Cynthia Lummis, a member of the US Senate Banking Committee and a prominent advocate for addressing digital asset market structure, mentioned her desire to advance the bill in the upcoming days.
The senator commented that the crypto industry “was getting a little concerned” about the bill’s progress, noting that drafts were “revised so frequently” during bipartisan discussions.
Magazine: Big questions: Would Bitcoin survive a 10-year power outage?
