US Republican Senate candidate says crypto bill has 'no chance' after summer

A U.S. Republican candidate has warned that the crypto market structure bill (CLARITY) could be effectively dead if not passed before the summer. John E. Deaton, a Republican candidate for the U.S. Senate in Massachusetts, told DL News that the upcoming midterm elections will likely consume the U.S. political agenda, leaving little bandwidth to discuss crypto regulation. He pointed out that if the election results are highly unfavorable for the Republican Party, the Democratic Party could gain control of not only the House but also the Senate. In that scenario, Senator Elizabeth Warren, known for her anti-crypto stance, would be the most likely candidate to chair the Senate Banking Committee, making the bill's passage nearly impossible, Deaton said.