Us Clarity Act Unlikely To Be ‘world-shaking’ For Bitcoin’s Price:...

Veteran trader Peter Brandt said that the US Clarity Act will be a positive for the industry, but probably won’t “redefine” Bitcoin’s price.

Veteran trader Peter Brandt said the potential passage of the US Clarity Act is unlikely to have a significant impact on Bitcoin’s price, after indications that it could pass Congress as soon as January.

“Is it a world-shaking macro development? Nope. Needed for sure, but not something that should redefine value,” Brandt told Cointelegraph on Friday. “Having an asset regulated, particularly an asset for which die-hard investors never wanted to be regulated, is not an earth-shattering event,” he added.

His comments came after White House crypto and AI czar David Sacks said on Thursday, ”We are closer than ever to passing the landmark crypto market structure legislation.”

“We look forward to finishing the job in January,” Sacks said.

While Brandt does not see the Clarity Act as a catalyst that will drive Bitcoin (BTC) back to its all-time high of $125,100, he emphasized that the legislation would still be a significant step forward for the wider crypto industry. “The Clarity Act would be positive because it would greatly clarify the regulatory structure for crypto assets,” he said.

Echoing a similar sentiment to 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 expect this event to have a significant impact on the markets on day 1,” Glover said, adding that any benefits to price action are likely to be more delayed.

“It is another step toward broad-based acceptance of Bitcoin and ETH as investable assets, so over time I still expect the price trajectory to be up and to the right over time,” Glover said.

Brandt opined that Bitcoin is in a bear market, though said the Clarity Act could mean his “downside bias is moderate.”

Source: CoinTelegraph