Clarity Act Archives - International Finance

Bitcoin touches more than three-month high as soft dollar revives crypto sector

International Finance Business Desk — Wed, 26 Aug 2026 00:00:14 +0000

Bitcoin, on Tuesday (August 25), rose above USD 80,000 to hit a more than three-month high as a soft US dollar, in the wake of the moves by Treasury Secretary Scott Bessent to calm the bond market, revived momentum in the ‌cryptocurrency sector.

Another tailwind has been President Donald Trump’s recent appeal to the US Congress to pass a bill, called the “Clarity Act,” that would bring clearer definitions to the growing sector. After the speech got aired last week, Bitcoin, the world’s largest cryptocurrency, has gone up 16%.

It was last at USD 80,323.24 in Asian hours, having earlier touched USD 81,237.94, its highest level since mid-May. Bitcoin is up 28% so far in August, ⁠set for its biggest monthly gain since November 2024.

As per the analysts, cryptocurrencies got a big boost after the US Treasury’s decision to buy back more long-dated bonds to help cap the gains in the long-end yields, a move that has led to the US dollar bearing the brunt of investor anger.

In his latest media address, Treasury Secretary Scott Bessent has stressed that the Treasury will continue with its regularly scheduled debt auctions, including for long-dated bonds, despite the move to increase buyback sizes of 10- to 30-year securities.

He further added that the Treasury hasn’t purchased any bonds yet in the enlarged buybacks, which will start on September 10 for 10- and 20-year securities.

ALSO READ | US debt tops USD 40 trillion, Trump again calls for lower interest rates

Bessent, a former hedge fund manager with in-depth experience in sovereign debt and currency markets, recently surprised global bond investors by announcing that his department had doubled the size of its quarterly repurchases of longer-dated bonds after their yields reached the highest levels in nearly two decades.

While the decision ended up angering a section of investors, it did help bring down yields ⁠on 10-year Treasury notes and 20- and 30-year bonds for a short time, providing the Trump administration some relief from the high bond yields that are rapidly driving up federal debt service costs.

However, yields on the longer-dated maturities had largely retraced those drops by the end of the last week.

While Bessent didn’t talk much about the funding source of the Treasury buybacks, the Treasury General Account (TGA) at the Federal Reserve reportedly provides one. As per the analysts, tapping that account would spare the need to finance the buybacks by issuing new, shorter-dated Treasuries. However, the move would also eat into Uncle Sam’s cash reserves.

Unlike the Fed, the Treasury cannot create money at will, so Bessent’s department ultimately has two options: either pay for the buybacks from existing cash resources or borrow the funds.

Further borrowing, as per the experts, should be done ⁠at shorter maturities so that it doesn’t end up disturbing the goal of the buybacks, which is to boost liquidity in the market for longer-dated bonds.

Talking about the TGA, the federal government’s checking account, the latter is also used to pay for daily government operations like federal worker salaries, defense contracts, and Treasury interest and principal obligations. It, as of August 19, stood at about USD 940 billion. Treasury has further beefed up the TGA, just to pay for some USD 166 billion of refunds it owes to importers after the US Supreme Court earlier this year ruled a major chunk of Trump’s import tariffs were illegal.

Bessent further argued that the upswing in yields to nearly two-decade ⁠highs was unwarranted against the vibrancy of the American economy.

Tim Sun, senior researcher at HashKey Group, saw the official’s messaging reinforcing the market’s view that, at least through the midterm elections, American policymakers may have a lower tolerance for a further rise in long-end yields.

“That would create a ‌relatively ⁠supportive macro backdrop for assets such as bitcoin and gold,” Sun said, while speaking with Reuters.

Talking about gold, the yellow metal has been the other beneficiary of the dollar weakness, rising to a three-month high.

“The Treasury announcement is precisely the type of thing bitcoin loves,” Geoff Kendrick, global head of digital assets research at Standard Chartered, said ⁠in a note last week, adding that bitcoin was built to allow investors a way to avoid this type of intervention.

“The action stoked increased chatter around the so-called debasement trade, where the moves to prevent ⁠long-end yields from reaching market-clearing levels via buybacks lead the pressure to shift from the bond market to the currency market,” the analyst stated further.

“This (Treasury announcement) prompted buyers to scramble into physical ⁠and digital assets as debasement trade fears re-emerged. A sustained break above this level would pave the way for a move towards USD 95,000–USD 100,000,” said Tony Sycamore, a market analyst at IG.

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Trump urges passage of ‘fair’ Clarity Act as industry frets over legislative uncertainty

International Finance Business Desk — Mon, 24 Aug 2026 00:00:41 +0000

Amid the uncertainties over the Clarity Act’s passing, United States President Donald Trump has asked the Congress to pass the “fair version” of the bill, which would bring clearer definitions to the growing cryptocurrency sector.

The Republican, who often calls himself the “crypto-friendly president,” made the comments in the presence of industry executives who had gathered for an event at the ‌White House with him.

Crypto ventures have been aggressively backing the “Clarity Act,” stating that the legislation would put them on solid legal ground. However, the bill has stalled in the Senate with little time left on the congressional calendar.

ALSO READ | Crypto’s long bleed: How geopolitics and a hawkish Fed broke the 2026 market

Several top crypto executives, including Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, and Kraken co-CEO Arjun Sethi, along with ⁠Intercontinental Exchange CEO Jeffrey Sprecher, spoke alongside Trump at the event, which was also attended by notable individuals such as US Commodity Futures Trading Commission Chair Mike Selig, Securities and Exchange Commission Chair Paul Atkins, and White House crypto advisor Patrick Witt.

“Now we need Congress to take the next step by passing the Clarity Act—a fair version of the Clarity Act,” Trump said during the event.

Despite the Republican pursuing crypto-friendly policies since returning to office in January 2025, the industry sees the “Clarity Act” as the ultimate deal. The proposed bill aims to define which tokens qualify as securities versus commodities and which agencies have oversight of the sector.

Without the Clarity Act’s legislation, regulations will be vulnerable to the shifting political climate ‌and ⁠court challenges, creating lingering hazards for the crypto industry, say executives and analysts.

However, the Clarity Act has found bipartisan opposition, as many Democrats, along with a section of Republicans, have said that ⁠they would not vote for a bill without strong language to ban political officials from profiting off of their crypto ventures.

Meanwhile, the SEC has proposed long-awaited rules that would exempt certain token offerings from securities regulations, making it easier for crypto companies to issue tokens and raise money.

“The agency seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws,” Atkins, the SEC’s Trump-appointed chair, said in a statement.

“The SEC’s plan is subject to public comment for 60 days following its publication in the US Federal Register,” the agency said.

Since 2025, the regulatory body has shifted away from its previous crackdown on the industry. Immediately after the beginning of Trump 2.0, SEC performed a course correction by rescinding stringent crypto accounting guidance and dismissing lawsuits against Coinbase, Binance, and others that the agency had alleged were flouting its rules.

Atkins has also backed the crypto companies in their demand that the government accept that virtual tokens resemble commodities more than securities and should mostly be exempt from the SEC’s rules.

If SEC’s draft rules get finalized, it would allow a one-time exemption for crypto companies to issue up to USD 5 million in crypto tokens during a four-year period. It would also allow offerings of up to USD 75 million during each 12-month period, though issuers would still have to provide financial statements and meet regular reporting requirements.

Under both exemptions, ‌token issuers ⁠would still need to disclose certain information to investors.

The regulator’s proposal also includes a safe harbor that would exclude a crypto asset from being deemed an investment contract if certain conditions are met.

“Regulation of crypto assets is an important step toward the clear, fit-for-purpose rules digital asset markets in the United States have needed for years,” said Summer Mersinger, CEO of the Blockchain Association.

ALSO READ | Japan rewrites crypto rules: All we need to know about the new amendments

Cody Carbone, CEO of industry trade group The Digital Chamber also ⁠praised the proposal and said that his group would “work with the SEC to ensure consumers and the digital assets industry can thrive onshore in the US.”While the SEC’s proposal could help establish a more solid legal footing for the crypto industry in the short term, industry executives are concerned about the stalling of the Clarity Act, fearing that without its passage, future administrations may seek to overturn or toughen the SEC’s rules.

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Clarity Act: US Senate advances landmark crypto bill despite bipartisan opposition

International Finance Business Desk — Wed, 12 Aug 2026 03:00:17 +0000

US Senate Majority Leader John Thune has moved a bill to create a regulatory framework for cryptocurrencies, which, if passed, would mark a massive victory for President Donald Trump and the crypto ‌industry.

Thune, a Republican, on Saturday (August 8), filed the bill, called the “Clarity Act,” following which a key procedural vote will be set up when the Senate returns from its August recess in mid-September, stated the US Senate Press Gallery website.

Amid opposition from the Democrats, Senate Republicans believe they may be able to put together the ⁠60 votes needed for the bill to pass. However, the bill still needs the support of at least eight Democrats and all of the Senate’s voting Republicans for it to pass.

The legislation, if passed, would give the crypto industry its first comprehensive federal rulebook, defining when digital tokens will become securities or commodities and which regulators will oversee them.

As per the crypto industry, the act is necessary to provide legal clarity for the industry and could potentially boost the adoption of these virtual currencies.

If the “Clarity Act” passes the Senate test, it would also mark the second biggest crypto policy victory for Donald Trump, after ‌he ⁠signed a bill supporting dollar-backed tokens known as stablecoins into law in 2025.

ALSO READ | Crypto’s long bleed: How geopolitics and a hawkish Fed broke the 2026 market

The crypto industry played a significant role during the 2024 Presidential election, by pumping more than USD 119 million backing pro-crypto candidates, with the hope of advancing major industry reforms.However, banks will lose big time from the bill, as crypto companies will be able to effectively compete for bank deposits by offering rewards on customer stablecoin holdings.Trump has prioritized crypto reform during his second administration, with the White House reportedly emerging as the big supporter of the “Clarity Act.”

Democrats, on the other hand, want more restrictions on government officials’ crypto ventures, with negotiations on the matter failing to fetch any fruitful result to date.

Another concern among the opposing lawmakers has been the lack of tough money laundering and ethics safeguards.

Also analsysts and crypto industry lobbyists have remained a bit apprehensive, given the fact that the House of Representatives and roughly a third of the Senate will be up for reelection in the November 2026 mid-terms.

ALSO READ | The making of a crypto dynasty

“I think it’s a long shot,” said ⁠Brian Gardner, chief Washington policy strategist at Stifel, while interacting with the Reuters, adding lawmakers do not appear to be close to an agreement, particularly on contentious ethics provisions.

The Senate returns on September 14 and is scheduled to be in session for just 14 days before the October election recess and a further 22 days before year-end.

Thune has filed for “cloture,” setting up a September 15 vote on whether to limit debate on the bill and advance it to a full floor vote. Exactly 60 votes are required to decide the bill’s future. As per the lobbyists, a failed cloture vote could effectively kill the bill.

If it succeeds, Senate rules could then require days of further procedural steps before a final vote, including debate and consideration of following amendments. Finding that time will be challenging, as the chamber usually has to consider other essential defense and funding bills later in the year.

If the bill drags into 2027, the midterm outcome may become a major obstacle, as per the analysts.

While the Senate leadership is up for grabs, poll trends favor Democrats in terms of regaining the majority. If the results go as per the projections, then the analysts see “Clarity Act” going into the backburner, as the House Democrats, in 2028, may focus on oversight investigations of the Trump administration rather than prioritising crypto legislation.

In a social media post, Wyoming ⁠Republican Senator Cynthia Lummis, who had played a central role in drafting and negotiating the bill, acknowledged a complicating path forward for the bill.

“Death by 1,000 cuts is just as fatal as a bullet,” she wrote.

However, a section of the crypto industry is still hopeful about the bill passing the legislation test. Cody Carbone, chief executive of crypto industry trade group the Digital Chamber, while terming the delay “disappointing,” but said he believed there was still room for the Senate to advance the bill in the week of September 14, adding, “The fight is far from over.”

Apart from defining the legal status of the virtual tokens, the “Clarity Act” also specifies which regulators oversee the cryptocurrencies and imposes other obligations on crypto companies. Government officials will be banned from operating their own crypto businesses.

However, Democrats reportedly want much tougher language that would allow state attorney generals to act as a second line of defense in enforcing that ban, empowering them to sue the Justice Department if they believe the agency is not being tough enough. Along with these lawmakers, a section of Senate Republicans are also pushing for tougher anti-money laundering controls.

ALSO READ | Coinbase, Kalshi introduce perpetual crypto futures to American investors

The bill also deals with the extent to which crypto exchanges and other players are allowed to pay rewards on customer holdings of ⁠dollar-backed tokens called stablecoins. It has invited opposition from the American banks, who believe that the measure would create competition for deposits that fund lending. Crypto companies say that prohibiting rewards would be anti-competitive.

Some Republican senators are not ready to back the “Clarity Act” without stronger protections for community bank deposits.

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Crypto’s long bleed: How geopolitics and a hawkish Fed broke the 2026 market

International Finance Business Desk — Tue, 04 Aug 2026 02:00:35 +0000

Digital assets have just closed their third consecutive quarter of decline, the longest losing run since the bear market of 2022. Total crypto market capitalisation fell 12.6% in the second quarter of 2026, shedding roughly USD 304.8 billion to end June at USD 2.1 trillion.

That is the lowest reading since September 2024 and about 52% below the record high set in October 2025, when bitcoin traded at USD 126,000.

What makes this decline unusual is what did not cause it. No major exchange collapsed. No large stablecoin lost its peg. There was no fraud at the centre of it and no single villain to name.

The damage came instead from two forces that sit entirely outside the industry, a war in the Middle East that rewrote the inflation outlook, and a Federal Reserve that responded by taking rate cuts off the table.

The war that moved the oil price

The chain of events began in late February, when the United States and Israel carried out a joint military operation against Iran that killed Supreme Leader Ali Khamenei and several senior officials.

Iran retaliated with missile strikes on American bases across Jordan, the United Arab Emirates (UAE) and Qatar, and moved to disrupt shipping through the Strait of Hormuz.

The energy market did the rest. Brent crude surged around 64% from roughly USD 73.50 before the conflict to a peak near USD 120 in early March. A ceasefire in mid-April pulled prices back below USD 100, but the truce never fully held.

Through May and June, tanker seizures, naval build-ups and on-again, off-again negotiations kept a heavy risk premium in the price of oil, and kept markets guessing.

For crypto, the transmission was fast and mechanical. Institutional investors cut their most volatile positions first when geopolitical stress spikes, and digital assets sit at the top of that volatility ladder.

Bitcoin fell on the oil headlines in April, and again in early June when tensions flared once more. Altcoins fell harder, as they always do.

The quarter did not start badly. April was one of the strongest months of the year, and bitcoin recovered towards USD 80,000 in early May as ceasefire talks progressed.

The collapse came later. A single day in early June saw USD 1.8 billion of forced liquidations, the heaviest since February.

How a shipping lane became a monetary problem
The deeper damage was slower and more consequential. Sustained expensive energy feeds directly into headline inflation, and by March the tone at the Federal Reserve had turned.

Governor Christopher Waller, who had supported easing after weak February labour data, publicly reversed course and pointed to the prolonged Hormuz disruption as the reason. Rate cuts that markets had already priced in for 2026 began to be priced out.

Then the leadership changed. Kevin Warsh was confirmed as Fed chair by a 54 to 45 Senate vote, the narrowest in modern history, and brought a markedly different communication style.

His first meeting in June this year delivered a unanimous hold, a shortened statement stripped of its easing bias, and a dot plot showing nine of eighteen officials penned in at least one rate rise for 2026. The median year end rate expectation jumped to 3.8% from 3.4% in March.

On July 29, the committee held again at 3.50% to 3.75%, but the vote split 9:3, with the Cleveland, Minneapolis and Dallas presidents all dissenting in favour of an immediate quarter point rise. It was the sharpest split since 2016.

Warsh told reporters there is no soft inflation target on his watch. Futures markets now put the odds of a September rise above 60%.

This matters more to bitcoin than any protocol upgrade. In its current form bitcoin trades as a high beta risk asset.

When safe assets pay more, the cost of holding something that yields nothing goes up, and capital rotates out of the riskiest holdings first.

The ETF machine ran in reverse
The clearest evidence sits in fund flows. Spot bitcoin exchange traded funds were the marginal buyer that carried the market to its 2025 high. In the second quarter they became the marginal seller.

April was strong, with USD 2.02 billion in net inflows. May reversed to USD 2.41 billion of redemptions.

June was carnage, with about USD 4.5 billion pulled out according to SoSoValue, the worst month since the products launched in January 2024 and comfortably past the previous record of USD 3.56 billion set in February 2025.

That took net redemptions for the quarter to nearly USD 5 billion and pushed the year’s flows negative for the first time.

Between mid May and early June the funds recorded thirteen consecutive days of outflows, the longest such streak on record, draining roughly USD 4.4 billion on its own. Ether products lost a further USD 690 million over the quarter.

Total assets in the US spot bitcoin complex fell from roughly USD 109 billion on 10 May to about $77 billion a month later, tracking bitcoin’s 27% slide from a May peak of USD 81,443 to a low near USD 59,353. The funds’ bitcoin holdings are now around 7.2% below their October 2025 level.

A symbolic corporate sale added to the mood. On 1 June, Strategy, the listed company that has bought bitcoin consistently since 2020, disclosed that it had sold 32 coins for roughly USD 2.5 million to fund dividends on its preferred stock. In money terms it was nothing.

As a signal it was considerable, being the firm’s first disclosed net disposal since December 2022. A far larger sale followed, 3,588 coins for about USD 216 million between June 29 and July 5, at prices well below its average cost of about USD 75,476 a coin.

The decoupling nobody expected
The defining feature of the quarter was not the fall itself but the company crypto failed to keep. While bitcoin dropped 14.2% and ether 25.4%, the S&P 500 rose 14.9% and the Nasdaq 100 gained 27.2%, both lifted by a violent rotation into artificial intelligence equities. Gold also fell 14.2%.

For a decade the sector’s pitch has rested on two claims, that bitcoin is a hedge against monetary debasement and that it belongs in a diversified portfolio. A quarter in which equities rallied hard and crypto did not undermines both. Institutional money did not leave the risk trade. It simply found a better one.

Underneath the price action, liquidity drained away. Spot trading volume across the top ten centralised exchanges fell 27.9% to USD 1.95 trillion, with May setting a monthly low of USD 619 billion.

Average daily volume across the market dropped 20.9% to USD 93.1 billion. Most tellingly, stablecoin market capitalisation slipped 1.6% to USD 305.1 billion, the first quarterly decline since the third quarter of 2023 and the surest sign that capital is leaving the industry rather than rotating within it.

Not everything shrank. Prediction market notional volume grew 48.7% to USD 113.8 billion, with June setting an all time high on the back of the World Cup and other sporting events. Hyperliquid’s HYPE token broke into the top ten. Speculative appetite has not vanished, it has narrowed.

What the rest of 2026 looks like
July offered relief. Bitcoin rose roughly 9.8% to close the month near USD 63,000, ETF flows turned briefly positive, and the market steadied in the low sixties.

Three things will decide whether that holds.

The first is the Federal Reserve. The September meeting on the fifteenth and sixteenth is the next scheduled test, with Warsh’s Jackson Hole appearance in August ahead of it. A rate rise would likely push bitcoin towards the USD 50,000 to USD 55,000 zone that several banks now flag as downside risk.

The second is regulation. The CLARITY Act, the bill meant to give institutions the legal certainty to allocate to digital assets, is still fighting the Senate calendar.

Citigroup has already cut its twelve month bitcoin target from USD 112,000 to USD 82,000 and now forecasts zero net ETF inflows over the coming year, partly because it no longer expects the bill to arrive on time.

The third is the oil price, which remains hostage to whether the Iran ceasefire holds.

Analyst forecasts for year end run from a USD 53,000 floor to USD 150,000, a spread wide enough to be honest about how little anyone knows.

The realistic base case is a market that grinds sideways in the high fifties to mid sixties, with a possible deeper flush in the autumn before any recovery.

The industry spent 2025 arguing that institutional adoption had made crypto less volatile.

What 2026 has shown is that institutional adoption made crypto more sensitive to interest rates instead.

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Coinbase sees transaction revenue dip as investors reject riskier crypto assets

International Finance Business Desk — Mon, 03 Aug 2026 00:00:08 +0000

Coinbase Global, the American fintech giant that also operates the United States’ largest cryptocurrency exchange, announced its Q2 financial results, where it demonstrated market share gains, revenue diversification, and cost discipline, despite a challenging market environment.

During the April-to-June timeframe, investors rejected riskier assets amid concerns over the Fed’s policy approaches, volatile geopolitics, and persistent outflows from crypto investment products. The overall market weakness extended a retreat from record highs reached in October 2025.

This affected Coinbase’s numbers as well, as the exchange’s transaction revenue dropped 21% to USD 599 million during the quarter, from USD 764 million a year earlier.

However, the silver lining came from the “Everything Exchange,” Coinbase’s strategic initiative to expand from a pure cryptocurrency platform into a multi-asset financial hub.

Coinbase’s crypto trading volume market share stood at 10.3% in Q2 2026, a new all-time high, up from 9.1% in Q1 2026. This was Coinbase’s third consecutive quarter of market share gains. Crypto derivatives trading volume, on the other hand, proved resilient, nearly reaching Q1’s all-time high despite the market overall declining double digits quarter-over-quarter.

“Prediction markets contracts and revenue more than doubled, growing 106% quarter-over-quarter and crossing USD 100 million in annualized revenue. A new crypto binaries experience launched late in the quarter drove 3x daily traders and 4x daily revenue vs. May’s daily average,” Coinbase said.

Coinbase gained on the Stablecoin and payments front as well, with average USDC held in “Coinbase Products” reaching an all-time high of USD 20 billion in Q2 2026, more than 30% of all USDC in circulation as of quarter-end. Since 2025, Coinbase has captured approximately 50% of all USDC economics.

“Market stablecoin transaction volume has exceeded USD 37 trillion year-to-date, with 79% coming from USDC and Coinbase Partner Stablecoins, up from 51% in full-year 2024. Stablecoin transaction volume on Base Chain is up 7x year-over-year,” the venture told the investors and analysts.

Coinbase has also emerged as the leader in on-chain agentic finance (AiFi) by completing more than 99% of on-chain agentic commerce using USDC. Over 90% of agentic stablecoin transaction volume ran on Base, while more than 97% of onchain agentic transactions used Coinbase’s x402 protocol in Q2 2026.

Coinbase, off late, has been aggressively diversifying its revenue sources, resulting in more balanced revenue streams that, as per the company’s leadership, will make it a far more durable entity than previous down cycles.

“Net revenue excluding Bitcoin spot trading was 88% in Q2 2026, nearly double vs. Q2 2020, reflecting a business driven by a broader set of assets and use cases. Subscription and services revenue grew from USD 6 million in Q2 2020 to USD 555 million in Q2 2026. Subscription and Services revenue represented 48% of net revenue in Q2—up from 29% less than two years ago (Q4 2024)—reflecting how Coinbase has evolved beyond a trading platform into a diversified financial infrastructure company,” the venture stated further.

While Coinbase delivered its 14th consecutive quarter of positive adjusted EBITDA, it also announced the reduction of its FY26 adjusted expenses range, demonstrating continued expense management.

“Coinbase is growing AI usage faster than spend. As AI drives efficiency, pull requests per engineer are being processed more than 2.2 times year-over-year, increasing product velocity. Integration test coverage across core services has grown more than 2.5 times in the last six months,” the exchange remarked.

Questions still remain
Despite solid financials, Coinbase’s crypto trading revenue fell sharply as prices slid. Subscription and services, the segment the company and its analyst base have positioned as a low-beta hedge against exactly this kind of downturn, also came in below estimates.

The poor performance on the subscription and services front will put pressure on CEO Brian Armstrong and CFO Alesia Haas, as investors and analysts will be seeking answers on whether Coinbase’s diversification strategy is actually working or just growing slowly enough to matter.

Despite the exchange reporting total revenue of USD 1.22 billion for the Q2, the ratio ended up missing the USD 1.29 billion Wall Street consensus by USD 70 million, apart from falling short from the USD 1.5 billion recorded in the year-ago period, a 19% decline.

Transaction revenue, Coinbase’s largest single revenue line, came in at USD 599 million for Q2, below analyst expectations of USD 628 million. However, things here got affected due to Bitcoin dropping approximately 14% during the quarter while Ether declined around 25%, reducing both retail and institutional trading appetite. Industry-wide spot volumes also contracted for a third consecutive quarter.

Coinbase has been looking to the “Clarity Act,” introduced in May 2025, to provide long-sought regulatory clarity for digital-asset trading platforms. While the Senate Republicans released a revised version of the Act last week, negotiations are still ongoing. Armstrong, during the analysts’ call, expressed optimism about the legislation securing a full Senate floor vote.

“There is a lot of ⁠last-minute negotiations happening, which to me is a sign that everyone is invested in getting something over the line,” he concluded.

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