CLARITY Act Clears Senate Committee, Warsh Confirmed As Fed Chair, and Ledger Pauses IPO Plans

Takeaways

• CLARITY Act advances through Senate committee: Now, the bill will need to be reconciled with the Senate Ag Committee’s version before a possible floor vote as soon as next month. The vote Thursday marked a win for the crypto industry, in part because it included yes votes from Democrats Ruben Gallego and Angela Alsobrooks. The bill will need bipartisan support to get the 60 votes needed to pass the Senate. The price of bitcoin edged higher on Thursday following the news, pushing toward $82,000 after dropping below the $80,000 mark earlier this week.
  
  
• Warsh confirmed as Fed chair: Warsh, 56, will succeed embattled Fed chair Jerome Powell and lead a Federal Reserve committee that has been increasingly divided in recent months as they try to grapple with rising inflation. Warsh’s appointment is largely viewed as a positive for the crypto space. The financier and former Fed governor has made dozens of investments in crypto projects and spoken positively about the industry, saying he views bitcoin as a sustainable store of value.
  
  
• Tokenized treasury market tops $15 billion: The push higher comes as expectations for an interest rate hike increase due to the recent rise in inflationary pressures, potentially making treasury yields more attractive to investors. Tokenized treasuries offer a more efficient way to deploy the traditional treasuries product, with Circle’s USYC, BlackRock’s BUIDL, and Franklin Templeton’s BENJI funds leading the developing asset class.
  
  
• Ledger delays IPO due to rough market conditions: The French company had sought to go public at a valuation of approximately $4 billion, bringing in Goldman Sachs and Jefferies as advisors for the offering. But Ledger has yet to file any documentation with the SEC as crypto continues to maneuver a bear market despite recent moves higher.

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