Clarity Act Stalls Again as Senate Breaks for Recess | CoinDesk Daily

**Jennifer Sanasie** (0:00)
The Clarity Act is running out of runway in the Senate, and 210,000 Bitcoin just fled old wallets after the cold card breach. This is CoinDesk Daily.
RealFi, a smarter stablecoin backed by real world assets. Join the testnet now at realfi.co. The Senate is set to leave for its summer recess without voting on the Clarity Act. Senator Majority Leader John Thune confirmed in a statement that there would be one next month. That means there may be no law this year to define which crypto assets are securities or commodities and no clear authority handing the CFTC oversight of tokens like Bitcoin and Ether. The US lost 23,000 jobs in July, a sharp miss against forecasts for a gain of 80,000. It's the second straight month of labor market weakness and it gives the Fed room to hold rates in September. Odds of a rate hike next month slipped from 55% to 44% right after the print. And the fallout from the cold card breach is now showing up on chain. Roughly 210,000 Bitcoin have moved out of long-term holder wallets in the past week, the largest drop since December 2024 Holders are now migrating to new wallets, regulated custodians and spot ETFs. US. Bitcoin ETFs pulled in about $754 million over the same week, most of it into BlackRock's iBit. Get more updates on coindesk.com. RealFi, a smarter stablecoin backed by real world assets. Join the testnet now at realfi.co.