2411: Congress Just Delayed the Bitcoin Clarity Act - Why $12T of Wall Street Money Is Waiting

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**Justin Verrengia** (0:29)
I got some bad news to share with you. The next Bitcoin superpower is not America, and most people don't realize it yet. Today's news explains why.
Let's get into it. America just fumbled Bitcoin on the one-yard line. Could you believe it? The US. Senate has officially put the Bitcoin Clarity Act on hold, while Washington keeps delaying. The rest of the world keeps building. Every month, America waits. Another country moves one step closer to becoming the world's Bitcoin capital. At first glance, this may seem like just another political delay. But it isn't. This is happening at the exact moment the global race for Bitcoin is accelerating. Then came an even bigger warning. Tom Lee just went on CNBC with a message Congress can't afford to ignore. If the United States fails to pass the Bitcoin Clarity Act, America risk falling behind. Japan, Russia, Europe. They're already passing Clarity Act-like legislation while the United States keeps awaiting. This is how superpowers fall behind. Then Russia made its move. Russia's central bank just published its first rules to regulate Bitcoin in the crypto market. This is a direct response to the Bitcoin Clarity Act. They're preparing for massive Bitcoin adoption. While America debates, Russia is preparing. Think about that for a moment. The United States, the world's largest capital market, is standing still.
Meanwhile, other nations are already writing the rules and attracting the next generation of Bitcoin businesses and capital. And this is where today's story becomes even more important. This isn't just about exchanges or stable coins or crypto companies. This is about capital. Charles Schwab, which oversees roughly $12 trillion in client assets, just delivered one of the biggest Bitcoin signals of the year. Bitcoin will go parabolic when the Senate passes the Bitcoin Clarity Act. The market still hasn't even priced it in yet. Institutional adoption is about to return. Now ask yourself, if Wall Street believes Bitcoin will go parabolic once regulatory clarity arrives, why is the Senate putting that vote on hold? I want you to think about that. Then came another massive signal, Fidelity, which manages roughly $7 trillion in assets, just declared that Bitcoin is a global reserve asset. Bitcoin is an uncorrelated asset with distinct return drivers compared to traditional investments. They're now recommending a 3% allocation. A massive flood of capital will flow into Bitcoin. The breakout is imminent. Think about what all this means. Some of the largest financial institutions on earth are preparing clients for a future where Bitcoin plays a permanent role in global portfolios. Yet Washington is still deciding whether to move forward. Bitcoin doesn't stop because politicians need another week or another month or another election cycle. Every delay simply gives other countries more time to attract entrepreneurs, miners, developers, investment firms, and capital that could have been built inside the United States instead. History has a funny way of rewarding countries that embrace technological revolutions early and punishing those that spend too long debating them. Whether it's the Internet, artificial intelligence, or now Bitcoin, leadership isn't guaranteed, it's earned. The irony is that America still has every advantage. The deepest capital markets, the strongest financial institutions, the largest pool of institutional investors, but advantages disappear when indecision becomes policy. Bitcoin isn't waiting. Neither is the rest of the world. Now the question isn't what people are saying. The question is what the data is showing us. Let's take a look. Breaking news, Tom Lee just issued a massive warning on CNBC.

**Tom Lee** (4:09)
Now, Japan, Russia, Europe are actually passing Clarity Act-like bills. So the US is risking getting behind. That's why I think crypto is recovering, because outside the US., it's being embraced. Even though you say you actually think, look, they had what? A few legislative days left before the midterms. Could this be a lame duck kind of move, do you think? I believe there's still many people who are hopeful that something can be offered. But it does sound like that a lot of concessions were given, but that those who oppose the bill still want to extract something else. And so, anything could happen.

**Justin Verrengia** (4:39)
There's the latest update from Tom Lee. Do you think America gets left behind here? Let me know your thoughts either way in the comments, and I'm happy to read them out loud here in a little bit. Just in, Senator Cynthia Lummis lists five major financial institutions now supporting the Clarity Act. It includes the largest asset manager on earth, BlackRock, Goldman Sachs, Fidelity, Franklin Templeton, and SoFi.