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Bitcoin (CRYPTO: BTC) rallied to $66,000 on Tuesday on Clarity Act optimism, but Bitwise Capital partner Jeff Park warned the market is getting ahead of itself with no Democratic support in place.
Why Park Is Not Convinced The Clarity Act Is Close
Jeff Park told The Wolf Of All Streets podcast that the news flow around the Clarity Act is coming entirely from the Republican side, which he said is the part of the story markets are missing.
“The White House has crafted an ethics proposal that they’re comfortable with, which to me is still very doubtful that it says Donald Trump can’t make money in crypto,” Park said.
Until language clears the Democratic side, he argued, passage odds remain low regardless of how the price reacts.
The vote count backs his skepticism. Senator Lindsey Graham’s (R-SC) death removes one Republican vote and Senator Mitch McConnell (R-KY) remains absent, meaning Republicans need at least seven Democratic votes to clear the 60-vote threshold.
Moreover, he said the politics do not feel palatable right now, though he acknowledged an unexpected deal could trigger a sharp squeeze across crypto equities.
Circle Robinhood And Ethereum Could Gain Most From Clarity Act
Park said traders are already positioning for a Clarity Act win in names with the most direct exposure to the outcome.
He pointed to Circle CRCL, Robinhood Markets HOOD, and tokenization-focused equities as the most interesting plays if the bill advances.
On the token side, he said Ethereum (CRYPTO: ETH) and assets whose revenue models tie directly to the regulatory framework stand to benefit more than Bitcoin from passage.
Bitcoin would likely rally too, he said, but the cleaner trade sits in tokens where the legislation directly touches how they generate value.
Clarity Act Could Help Bring Offshore Capital Into US Markets
Park argued the Clarity Act sits at the center of a U.S. debt problem running out of solutions.
The federal deficit is on track to hit $40 trillion by year-end, with one out of every five dollars of government income going straight back out as interest payments.
Stablecoin rails and onchain tokenization, he said, are among the few realistic ways to bring offshore capital onshore to offset that pressure.
“If you can’t expand vertically across time, it’s time to expand horizontally across other countries and take offshore capital onshore,” Park said.
Where Does Bitcoin Stand After The Rally?
Bitcoin’s move to $66,500 comes on the back of five consecutive days of ETF inflows totaling roughly $727.3 million, easing geopolitical tensions, and a rebound in technology stocks.
Park said Clarity Act passage odds are what’s driving the current bid across Bitcoin, altcoins, and crypto equities over the next two weeks.
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This article Bitcoin Hits $66,000 on Clarity Act Hopes — But Bitwise's Jeff Park Says the Market Is Getting Ahead of Itself originally appeared on Benzinga.com.
