Benchmark analyst Mark Palmer believes that as the 2026 midterm elections approach, the likelihood of the US CLARITY Act passing is decreasing. He points out that the Democrats may win more seats, thereby reshaping the bill. He notes that all parties are engaged in intense behind-the-scenes negotiations on key issues, with important committee hearings expected in the coming weeks. Palmer believes that if the bill passes, Galaxy Digital and Coinbase Global will be the biggest beneficiaries, as the bill would provide a regulatory framework that encourages institutions to increase their investments in cryptocurrencies, directly benefiting these two platforms catering to institutional users.