Bitcoin’s price slid further on Tuesday as investors weighed up the chances of lawmakers voting on the long-awaited crypto Clarity Act.
The price of Bitcoin was recently $63,634 after sliding 2% over a 24-hour period. The cryptocurrency dropped as low as $62,784 at one point.
Market observers now give the Clarity Act a 35% chance of getting signed into law this year on crypto betting platform Polymarket.
While major financial institutions like Fidelity and Goldman Sachs have thrown their weight behind the new bill, some Democrats are still unhappy with it in its current form. A group of Democrats last week said in a statement that the bill in its current form falls short.
A number of lawmakers are hoping the bill gets passed before Congress departs for August recess.
U.S. lawmakers have an action packed week of voting before its five-week recess, including sweeping Russian energy sanctions.
Despite being passed in the house of representatives last year with strong bipartisan support, the Clarity Act has been in a deadlock for much of 2026, partially because big bankers raised concerns over stablecoin yield among Democrat concerns around ethics language.
Banking lobbyists have said that if crypto exchanges pay attractive yields to customers, banks could lose their deposit base.
An updated bill of the Clarity Act was introduced last week that addressed the ethics concerns, banning government officials and their families from issuing or promoting crypto.
Republicans are hoping to gain bipartisan support for the bill this week to advance the legislation. If passed, the long-awaited bill would create a regulatory framework for the cryptocurrency market.