GSR's legal chief gives the Clarity Act below 50% odds — stablecoin yield fights and ethics clouds are the blockers!

Joshua Riezman, Chief Legal and Strategy Officer at crypto market-maker GSR, is putting the odds of the Clarity Act reaching the president's desk this Congressional session at below 50%. His cited blockers: an unresolved fight over whether stablecoins should be permitted to pay yield, and ethics concerns tied to the president's family that are complicating the political calculus on Capitol Hill.

The assessment puts Riezman at direct odds with Coinbase CLO Paul Grewal, who has publicly predicted the bill will pass this summer. The split between two senior industry legal voices underscores how uncertain the legislative runway actually is — even among practitioners who track the process closely.

For markets, the Clarity Act is the most consequential piece of pending US crypto market-structure legislation. A failure to pass this session would push the regulatory framework question into a…