[Bernstein: Progress on the 'CLARITY Act' May Exceed Market Expectations, Democratic Lawmakers Also Concerned About 'Anti-Crypto' Label Ahead of Midterm Elections] BlockBeats News, September 15: Wall Street investment bank Bernstein stated that the latest progress in negotiations surrounding the 'CLARITY Act' in the U.S. Senate may exceed prior market expectations. The firm believes that the market remains somewhat bearish ahead of the procedural vote scheduled for September 15 (local U.S. time), and any positive outcomes have yet to be fully priced into crypto assets and crypto-related stocks. The Bernstein team noted that the latest draft released by Senate Republicans incorporates 126 substantive amendments proposed by Democrats. These amendments address issues such as conflicts of interest involving officials and crypto assets, the enforcement role of state attorneys general, stablecoin incentive mechanisms, and measures to protect community banks from deposit outflows. Additionally, the Treasury Secretary would be granted a "circuit breaker" authority for stablecoin incentives for up to 18 months. Bernstein believes that the White House's concessions on ethical provisions have nearly reached the upper limit of negotiable space, and some Democratic lawmakers may also be wary of the 'anti-crypto' label ahead of the midterm elections. The probability of the bill advancing within the year, as reflected in prediction markets, has risen back above 30%, indicating a warming of policy expectations. However, Tuesday's vote is merely a procedural step to decide whether to initiate debate, requiring 60 votes to pass, and does not mean the bill has been approved or will take immediate effect. Even if the procedural motion passes, subsequent steps will include amendments, a final vote, and coordination with the House of Representatives. Bernstein warned that if the bill faces obstacles and is compounded by a hawkish Federal Reserve decision, the crypto market could see significant pullbacks. Conversely, unexpectedly strong legislative progress would serve as a short-term catalyst for native crypto assets and crypto-related stocks.