McGlone Warns CLARITY Act Sends Millions of Cryptos to Zero

Bloomberg senior commodity strategist Mike McGlone took a knife to the celebratory tone around the CLARITY Act. Asked if the bill deserves its billing as crypto's biggest regulatory catalyst, he didn't hedge. He said it's great for stablecoins and tokenization. That means most of the millions of cryptos tracking nothing should drop toward zero.

The legislation is moving with unusual speed. The White House set a July 4 target for passage. Representative Dusty Johnson told reporters the House is ready to move fast if the Senate delivers. Senator Bill Hagerty, who authored the GENIUS Act on stablecoins, appeared on Fox Business to argue that CLARITY does for the broader digital asset market what GENIUS did for stablecoins. He added that the new digital dollar framework under development will preserve the global reserve status of the U.S. dollar, a signal with direct implications for dollar-backed stablecoins including RLUSD.

Only 16 legislative days remain before the August recess. Final negotiations over language and ethics provisions still need to wrap up before a floor vote. For context on the stablecoin supply that underpins this legislative push, see Stablecoin Supply Tops $300B as Binance Executive Touts Utility-Driven 2026.