Haider Rafique, OKX’s global managing partner for Corporate Affairs and Investor Relations, said he is increasingly pessimistic that the Clarity Act will clear Congress this year, arguing political realities rather than policy disagreements are the biggest obstacle to the landmark crypto market structure bill.
The Senate announced on August 7 that it would not vote on the Clarity Act this month. September 2026 represents the next opportunity for a Senate vote, when the chamber returns to Washington, D.C.
Rafique attributed the legislative stall to Democratic political calculation ahead of the midterm elections. “I don’t believe there is enough Democratic support for it to pass,” Rafique said. “Why would they want to give Republicans such a significant win on a highly polarizing piece of legislation before the midterms?”
The Clarity Act is widely regarded as the crypto industry’s most consequential U.S. market structure bill. Supporters argue it would establish a clear regulatory framework for digital assets and encourage greater institutional participation. Rafique dismissed Democratic concerns over ethics provisions as inconsistent, though he did not detail the specific inconsistencies.
Rafique pointed to companies such as Hyperliquid and Backpack, which chose jurisdictions outside the U.S., as examples of entrepreneurs building offshore rather than domestically. “Without clarity, entrepreneurs will continue to stay offshore,” he said. “There is only one Silicon Valley and one Wall Street. The U.S. should be creating the environment for these companies to build at home.”
Bitcoin Price and Market Pricing
If the Clarity Act passes, Rafique expects a short-term bitcoin rally of 3%-4%. However, he argued that much of the potential upside has already been priced into current markets. “The market prices news ahead of time,” Rafique said. “Most of the appreciation from Clarity is already reflected in current prices.”
Rafique identified $55,000 as a potential bitcoin price floor where retail buying interest may emerge, though he did not specify a timeframe for that level.
OKX’s U.S. Expansion and ICE Partnership
OKX, one of the world’s largest cryptocurrency exchanges offering spot, derivatives and Web3 services, resumed U.S. expansion in 2025 after resolving a long-running case with the U.S. Department of Justice over unlicensed money-transmitting activity. The exchange has a global user base of 150 million.
OKX’s partnership with Intercontinental Exchange (ICE) is initially focused on distributing ICE market data and products to OKX’s global user base. Longer-term plans include bringing issuer-backed tokenized equities, spot products and futures contracts onchain.
