An Enforcement Standoff Stalls Crypto Legislation as Real Yields Keep Tightening Conditions

Sentiment around the Clarity Act soured after Senate leadership signaled the bill is unlikely to reach the President’s desk before the August recess, but the dispute has narrowed to who enforces the ethics provisions rather than the provisions themselves — leaving room for compromise even as steadily rising real yields quietly tighten the macro backdrop into next week’s FOMC meeting.